"Bolivia welcomes and joins the initiative of brotherly Mexico and Uruguay, who have reacted to the call of UN Secretary-General Antonio Guterres and the pope and those calling for an international conference in order to make the peaceful settlement of the Venezuelan crisis possible," Morales wrote on Twitter on Wednesday.
On Wednesday, Mexico and Uruguay said they planned to hold the conference in Montevideo on 7 February, bringing together officials from over 10 countries and international organizations.
"The goal of the conference is to lay the groundwork for the creation of a new dialogue mechanism, with the inclusion of all Venezuelan [political] forces that would contribute to the return of stability and peace in the country", the statement of Uruguay's Foreign Ministry said.
Venezuela is currently facing a political crisis and large anti-government protests. Opposition leader Juan Guaido has declared himself as the country's interim president, drawing support from the United States and a number of its allies and prompting harsh criticism on the part of Venezuelan President Nicolas Maduro, who called Guaido a "US puppet".
In turn, Russia, Cuba, China, Turkey and Iran have given Maduro's government full support, with Maduro himself calling Venezuela "the victim of a US conspiracy", referring to US Vice President Mike Pence promising Guaido "full American support" the day before he declared himself Venezuela's new head of state. Maduro also stressed that Venezuela had held legitimate elections and urged European countries to withdraw their demand.