CARACAS, March 5 (Xinhua) -- Venezuela has decided to restore diplomatic and consular relations with the United States, the Venezuelan government announced Thursday.

The measure comes after a process of sustained diplomatic dialogue between both parties, in which they agreed to resume institutional ties and move toward a new stage of bilateral cooperation, said the government in a statement.

The Venezuelan side is ready for a new stage in bilateral relations marked by the principles of mutual respect, the sovereign equality of states and cooperation between peoples, it said.