MercoPress. South Atlantic News Agency

Mexico and Venezuela join Mercosur.

On the final day of the Mercosur presidential summit held in Puerto Iguazú, Argentina, the block accepted Mexico and Venezuela as members.

However before having a similar status to Chile, Bolivia and Peru which are associate members, Mexico and Venezuela must continue negotiations for a full tree trade agreement with the blocks main partners, Argentina, Brazil, Paraguay and Uruguay.

Trade agreements were also advanced with outer region interested parties South Africa, India and Egypt.

Mexico was represented in the summit by president Vicente Fox, and Venezuela by president Hugo Chavez who also agreed to form a strategic energy alliance with Argentina which will be called Petrosur.

The idea is that in the near future the all powerful Brazilian oil government company Petrobras joins the project.

The Mercosur pro tempore chair was handed by Argentina to Brazil for the next six months.