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).
Since the Venezuelan government imposed currency and price controls in 2003 property rights have been seriously affected, as the individual's freedom to acquire, use, enjoy and dispose of property has been severely restricted, according to experts.