Caracas will propose establishing a joint economic zone with Colombia, Venezuelan President Nicolas Maduro said on Tuesday.

"We will propose to (Colombian) President Gustavo Petro establishing a vast economic zone for trade and industry between Norte de Santander and the state of Tachira," Maduro said during a national economic council session on Tuesday.

The Venezuelan leader highlighted that this project could be expanded to include the states of Apure, Amazonas, and Zulia, all of which lie on the Colombian-Venezuelan borders.

Caracas is ready to open its borders with Colombia and resurrect its economic ties with it, Maduro said, calling on exporters in Venezuela to prepare their proposals that will be shown to Bogota.

Read next: Venezuela, Colombia appoint ambassadors, re-establish diplomatic ties

Following Gustavo Petro's inauguration as President of Colombia on August 7, which marked the beginning of the first leftist administration in the history of the Colombian nation, Venezuela and Colombia appointed Thursday new ambassadors to each other's countries.

The appointment comes as a first step in the process of re-establishing ties between the two countries, as Petro sought to do good on his campaign promises of reversing his predecessor's decision to sever ties with Venezuela.

Maduro announced from Caracas that former Foreign Minister Felix Plasencia had requested his accreditation from the Colombian government. Confident that Felix will receive accreditation, Maduro said he "will soon be in Bogota."

Right-wing leader and former Colombian President Ivan Duque, alongside the US and the EU, had refused in 2019 to acknowledge or recognize Maduro's re-election. The lot went further than rejecting Maduro, as they declared their support for Juan Guaido, a US-backed right-wing candidate during the Venezuelan elections who claimed to have become interim President of Venezuela.

The more than 2,000-kilometer border between the two countries will be fully reopened as part of the diplomatic reproaching process, in addition to the exchanging of ambassadors. The border has been largely closed to vehicles since 2015, though it has been open to pedestrians since late last year.