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(Bloomberg) — Mercosur is set to discuss Venezuela’s possible return to the South American trade bloc as countries warm to Caracas following the ouster of Nicolas Maduro by US forces earlier this year.
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Brazil’s Vice President Geraldo Alckmin said the group could revisit Venezuela’s suspension as the country enters a “different moment,” signaling a potential shift in regional dynamics after years of isolation.
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“Venezuela joined Mercosur, was suspended, and as it moves into a different moment, that will be rediscussed,” Alckmin told reporters in Brasilia.
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Venezuela’s re-engagement with Western institutions has gathered pace since Delcy Rodriguez became acting president and moved to rebuild ties with the US. The International Monetary Fund said last week it would resume formal contact, opening the door to eventual access to multilateral financing.
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Caracas is also seeking foreign investment in its energy and mining sectors with US backing, as global supply concerns intensify. Donald Trump has moved to ease sanctions on key financial entities and granted new licenses for American oil companies to expand operations in the country.
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Venezuela was suspended from Mercosur in 2017 for breaching the bloc’s democratic clause and failing to meet economic commitments. Rejoining would require consensus among member states and a reassessment of whether it meets those standards.
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The debate comes as Mercosur pushes ahead with a broader reset, including the provisional implementation of a long-delayed trade agreement with the European Union on May 1. Brazil estimates the deal could lift its exports to the EU by about 13%.
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Alckmin, who also served as Brazil’s industry and trade minister, pointed to expansion efforts as part of Mercosur’s strategic agenda. Bolivia is adopting the bloc’s legal and trade rules after being accepted as a full member in 2024, while Colombia is seeking full membership. Mercosur’s founding members are Brazil, Argentina, Paraguay and Uruguay
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“It’s very important to deepen Latin American integration,” Alckmin said, adding that intraregional trade accounts for less than 30% of total commerce, compared with about 50% in North America, nearly 60% in Europe and close to 70% in Southeast Asia’s Asean.
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English (US)