BOGOTA, Colombia

Panama on Saturday was officially made an associate member state of the South American trade bloc Mercosur.

Panama was formally admitted into the group after a meeting held in Uruguay’s capital Montevideo with the leaders of Argentina, Brazil, and Paraguay also in attendance.

Jose Raul Mulino, Panama’s president, stressed that they are the first Central American country to join the trade bloc.

"Today, we made history. This is not just an agreement; it is a commitment to our people and to a future filled with opportunities," he said.

As an associate member of the bloc, however, Panama does not currently have the right to vote or take part in decision-making processes.

The Southern Common Market, also known as Mercosur, was founded in 1991 and is made up of Argentina, Bolivia, Brazil, Paraguay, and Uruguay.

Venezuela, a full member of the bloc, has been suspended since December 2016.