Bangkok--11 Mar--eTurboNews Venezuela has announced it is restoring diplomatic ties with Colombia, a week after it cut relations over Bogota's cross-border raid into Ecuador. The presidents of Venezuela, Ecuador and Colombia agreed Friday to peacefully end the dispute at a meeting of the Rio Group in the Dominican Republic. Colombia apologized for its incursion and promised to respect Ecuador's sovereignty. Ecuador's President Rafael CorreaIn a radio address Saturday, Ecuador's president Rafael Correa said he will not immediately restore diplomatic relations with neighboring Colombia, saying it will take time. The Colombian raid inside Ecuador killed a key leader in the powerful leftist FARC rebel group. Ecuador and Venezuela responded to the raid by taking diplomatic action against Colombia and sending troops along their borders with Colombia.