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Biden's plan to pitch Latin America reboot at summit dogged by dispute and dissent

By Dave Graham, Matt Spetalnick and Daina Beth Solomon LOS ANGELES (Reuters) - President Joe Biden kicks off a summit on Wednesday that was conceived as a platform to showcase...

By Dave Graham, Matt Spetalnick and Daina Beth Solomon

LOS ANGELES (Reuters) - President Joe Biden kicks off a summit on Wednesday that was conceived as a platform to showcase U.S. leadership in reviving Latin American economies and tackling migratory pressures, but has instead been undermined by discord over the guest list.

Biden's plan to unveil a package to spur recovery in Latin America, help stem soaring immigration and counter China's growing regional economic clout has been marred by a partial boycott by leaders upset at Washington's decision to exclude Cuba, Venezuela and Nicaragua from the summit.

U.S. officials hope that the Summit of the Americas in Los Angeles and a parallel gathering of top business executives can pave the way for increased economic cooperation in the region as countries grappling with higher inflation work to bring supply chains stretched by the COVID-19 pandemic closer to home.

"It's much better for us ... to have a supply chain here in the Americas than it is for us to be dependent on a supply chain that comes from China," U.S. ambassador to Mexico Ken Salazar told Reuters on the sidelines of the summit.

Seeking to present alternatives to China, U.S. officials said Biden would unveil an "Americas Partnership" on Wednesday to speed pandemic recovery by building on existing trade deals.

The plan would aim to mobilize investments, reinvigorate the Inter-American Development Bank, create clean energy jobs, strengthen supply chains and promote "sustainable and inclusive trade," in the region, one administration official said.

Still, an initiative that promotes jobs abroad could face U.S. protectionist pushback, as well as questions about how many widely divergent economies could make it work.

The Biden administration has framed the summit as an opportunity for the United States to reaffirm its commitment to Latin America after years of comparative neglect under his Republican predecessor Donald Trump.

But tensions have repeatedly dogged the preparations.

Diplomatic cracks yawned wide this week when Washington opted not to invite Communist-run Cuba and the leftist governments of Venezuela and Nicaragua, arguing their record on human rights and democracy made it impossible.

Rebuffed in his demand that all countries must be invited, Mexico's president said he would stay away, deflecting attention away from Biden's goals and toward regional divisions.

The leaders of Guatemala and Honduras, two of the countries that send most migrants to the United States, also said they would not go, undermining efforts by Biden officials to craft a "declaration" on joint plans to address the phenomenon.

Still, leaders from more than 20 countries in the region will attend, including from Canada, Brazil and Argentina, according to organizers.

Biden, in what is being billed as a policy speech to open the summit, will preview the migration declaration to be announced on Friday. Officials say it will include specific commitments from leaders to help address the challenge.

Detentions of migrants at the U.S.-Mexico border have hit record levels this year, and on Monday another caravan of people numbering thousands set off north from southern Mexico.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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