Venezuela on 2 December 2016 was removed from the South America’s trade group Mercosur.
This was following country’s failure to comply with the pact’s democratic principles and trade bylaws.
The oil-rich country had been stripped of membership rights immediately and that it will be required to renegotiate its membership.
Government of Venezuela stated that it is being unfairly targeted by right-wing regional leaders and that it complies with bylaws.
In 2013, Paraguay has objected to Venezuela's inclusion in the trading bloc.
In August 2016, the presidents of Brazil, Argentina and Paraguay met to discuss suspending Venezuela from the trade group.
On 21 November 2016, Eladio Loizaga, Foreign Minister of Paraguay, announced that Venezuela would be suspended in December 2016.
What is Mercosur?- Sub regional trading block with the purpose of free trade.
- Full members: Argentina, Brazil, Paraguay and Uruguay.
- Associate Countries: Bolivia, Chile, Peru, Colombia, Ecuador and Suriname.
- Observer countries are New Zealand and Mexico.
- Official languages: Spanish, Portuguese and Guarani.
- Motto: “Our North is the South"
