Venezuelan President Hugo Chavez and Ecuadorian President Rafael Correa on Tuesday are reviewing the progress on agreements signed during the 8th Caracas-Quito Presidential Meeting, to strengthen bilateral relations.

The statesmen will review current accords on energy sovereignty and security, as well as in finance, production and trade.

The last working meeting between the two presidents was in Ecuador on March 26.

Correa arrived in this capital on Monday, where he participated in celebrations for the 199th anniversary of Venezuela's Declaration of Independence.

Correa accompanied Chavez in paying tribute to Quito heroine Manuela Saenz, whose remains are now buried next to the tomb of Latin American independence fighter Simon Bolivar.

After the ceremony at the National Pantheon, Correa addressed a solemn parliamentary session, where he urged regional integration and a new financial architecture to benefit the development of Latin America.

As part of those efforts, Venezuela and Ecuador on Tuesday will carry out their first binational transaction through the Unique System for Regional Equalization (SUCRE), to reduce costs and avoid dependence on the U.S. dollar.