Arguing damages to domestic economy, dumping, lost productivity and jobs, Hugo Chávez' Government made official its withdrawal from the Group of Three (G3), an integration scheme comprising Colombia, Mexico and Venezuela.

A 180-day term for a member nation to reconsider its exit expired on November 19th, thus leaving Venezuela out of the alliance, said the Ministry of Foreign Affairs in a press release.
 
Announcing its exist from the G3 agreement last May 22nd, Hugo Chávez' Government  took a stance based on the principles of Latin American integration, and cooperation and solidarity as provided for under the Constitution, said the communiqué.

Withdrawal from G3 came following Chávez' move early this year to leave the Andean Community of Nations (CAN), as he rejected the fact that Colombia and Peru negotiated free trade agreements with the United States.

In the press release, the Ministry of Foreign Affairs noticed that the decision to leave G3 is to "pave the way for Venezuela to focus on integration efforts in the Common Market of the South (Mercosur), under the principles of a gradual process, differential treatment, flexibility, balance, acknowledgment of differences, and complementation," as well as other principles Venezuela believes were damaged under G3.