Mercosur will be energy and farming superpower upon Venezuela's entry
Venezuela's inclusion agreement was signed on July 4, 2006
The Mercosur Summit of Heads of State and Government slated for Friday in Brasilia consolidates the debut of Venezuela as Mercosur full member and turns the regional trade bloc into a territory of 12.7 million square kilometers pooling 70% of the population in South America and 83% of the GDP region, according to official data of the bloc, AFP quoted.
Mercosur encompasses very unequal economies; the largest one is Brazil, with a GDP of USD 2.4 trillion, followed by Argentina, USD 447.6 billion, and Venezuela, USD 315.8 billion.
Following Venezuela's admittance, Mercosur will have the largest oil reserves in the world, 20% out of total global reserves, or more than 310 billion barrels certified by the Organization of Petroleum Exporting Countries (OPEC).
Cristian Fonseca, a businessman in La Candelaria district downtown Caracas, was doing the accounts in his small shop office on Sunday December 21, 2008. The Christmas shopping season kept him working late hours into the night. It was around 11 p.m. and his phone rang. A friend broke the bad news to him over the telephone.