December 7, 2022

U.S. official says Biden will announce economic partnership with the United States

U.S. President Joe Biden spoke while commenting on Rehoboth Beach in Delaware

By Humera Pamuk

WASHINGTON (Reuters) – US President Joe Biden will announce the economic partnership for the Western Hemisphere at the US summit this week, U.S. government officials said Tuesday.

Named the “United States Partnership for Economic Prosperity”, the program covers five areas, including investment mobilization, revitalization of companies, clean energy jobs, flexible supply chains and sustainable trade.

“The overall objective is to build our economy from bottom to top and in the middle, based on the establishment of our free trade agreements with the region, to better address inequality and the lack of economic opportunity,” a senior government official told reporters. In a conference call.

The project aims to provide an alternative in the region where China is expanding its sphere of influence. However, it is not clear how many Latin American countries will accept such an arrangement.

The United States is hosting the US Summit in Los Angeles, which aims to address regional immigration and economic challenges. On Monday, the White House said it would not extend invitations to Cuba, Venezuela and Nicaragua, prompting the Mexican president not to attend the event.