Obama serious about trade in Latin America

President Barack Obama is escorted along a red carpet lined with military cadets as he arrives to Cartagena, Colombia. (AP)

Sat, April 14, 2012 - 7:33 AM

CARTAGENA, Colombia (AP) — President Barack Obama's challenge during a weekend summit in Colombia with business executives and political leaders from the Americas is convincing U.S. business that he's serious about expanding trade in Latin America and persuading the region to look northward once again.

"Put simply, we have one of the world's most dynamic trade relationships," he planned to tell CEOs today during the sixth Summit of the Americas.

But playing the persuader is not an easy task. The U.S. faces trade competition from China, resistance from labour at home, a set of difficult regional issues that could dilute any focus on trade, and now the distraction of Secret Service agents in Cartagena relieved of duty on allegations of misconduct.

The business session was expected to include executives from Wal-Mart Stores Inc., PepsiCo, Yahoo and Caterpillar.

"Here in Latin America, the U.S. is the largest foreign investor, and we're the largest customer of manufactured goods from countries across the hemisphere," according to Obama's remarks released in advance by released by the White House.

While U.S. exports in dollar amounts have increased in the Americas, its share of the market has declined over the past decade. China, in particular, is surpassing the U.S as a trading partner with Brazil, Chile, and Peru.