Cross-border tensions have run high for more than a year, with the socialist Venezuelan president imposing what Colombia called a trade embargo and cutting ties completely last month over charges he backs leftist Colombian rebels.

Yet both leaders came to the colonial city of Santa Marta in a reconciliatory mood, motivated in part by the need to revive bilateral trade of $7 billion a year.

"We have decided to turn over the page and look to the future," U.S. ally Santos, who took office on Saturday, said after a lengthy meeting and a joint statement under a statue of South American independence hero Simon Bolivar.

Chavez, wearing a sports jacket bearing the tricolor of his country's flag, gave Santos a formal handshake instead of the back-slapping hugs he often shares with other leaders. But he urged the two to rebuild trust between their governments.

"Count on my friendship and the affection of all Venezuela," Chavez told Santos. "I will never stop regretting how relations ended with the outgoing government."

Among a series of accords between the pair including setting up a cross-border security committee, Venezuela agreed to pay debts owed to Colombian exporters, Santos said. That debt is estimated at about $800 million.

Reuters