Mercosur has accepted Venezuela as its first new member since the South American trading bloc was established in 1991.

Venezuela's joining the trade association was announced Tuesday at a special summit in Brasilia, Brazil. Only Brazil, Argentina, Uruguay and Paraguay also hold full membership.

Brazilian president and Mercosur head Dilma Rousseff said that Venezuela’s inclusion has made the South American trade association the world’s fifth largest economic bloc. Rousseff also said she now expects trade and investment between member countries to further increase.