Venezuela Current Affairs

Mercosur revokes membership of Venezuela

The South American economic bloc Mercosur has suspended Venezuela from it for violating the bloc’s democratic principles and failing to meet its basic standards.

The membership was revoked by the Foreign Ministers of the four founding members of Mercosur — Argentina, Brazil, Uruguay and Paraguay.

Why Venezuela was suspended?

Venezuela was blocked after it failed to comply with its commitments given when it had joined the group in 2012. It also failed to meet December 1, 2016 deadline to adopt certain standards and rules required for membership of the bloc. The bloc considered Venezuela as burden for the economic group due to its poor performance of the economy, colluding with the goals of the bloc. It is also suffering from broken economic system (world’s highest inflation and crumbling currency), corruption problem and is close to civil unrest. Since 2015, tensions between Venezuela and its Mercosur partners had exacerbated. Earlier in 2016, the bloc had stopped Venezuela from assuming the rotating presidency.

About Mercosur

  • Mercosur is a sub-regional bloc of South American countries. Its purpose is to promote free trade and the fluid movement of goods, people, and currency.
  • It was established in 1991 and its headquarters are located at Montevideo (Uruguay). It calls itself the common market of the South America.
  • At present, it is a full customs union and a trading bloc. Its full members are Argentina, Brazil, Paraguay and Uruguay.
  • Its associate countries are Chile, Bolivia, Peru, Colombia, Ecuador and Suriname. Besides, New Zealand, Mexico are observer countries.

Tags:

Centre-right MUD coalition wins 2015 Parliamentary election of Venezuela

Opposition Centre-right Democratic Unity Roundtable (MUD) coalition has won the 2015 Parliamentary elections of Venezuela.

The MUD coalition won at least 99 seats in the 167-seat legislature of the National Assembly by defeating ruling United Socialist Party of Venezuela (PSUV) led by President Nicolás Maduro.

In this election, PSUV won 46 seats and remaining candidates from different parties have won 22 seats. With this, the 17 years of socialist ruling regime came to an end which was founded by former President Hugo Chavez in 1999.

Background

2015 Parliamentary election for the 167 members of the National Assembly of Venezuela was held on 6 December 2015 and was based on a mixed majoritarian system. Under this system, of the total 167 members, 113 members are elected by first-past-the-post voting in 87 constituencies.

51 seats are elected by closed list of proportional representation based on the 23 states and the Capital District and the seats are allocated using the d’Hondt method. The remaining 3 seats are reserved for indigenous peoples and are elected by the community.

Venezuela: It is oil-rich Latin American country located on the northern coast of South America. Presently, the country is facing worst economic slowdown due to due to continuing low price of oil in the international market as it is its main export commodity. It also has the highest inflation rate around 100 per cent in 2015 in the South America.

Tags:

12345...6