Bush says Latin America prosperity vital to U.S.
Published: March 10, 2007 at 11:33 a.m. ET
Laura Mandaro
SAN FRANCISCO (MarketWatch) -- President George W. Bush on Saturday highlighted open trade ties with Latin America as one avenue to promoting prosperity in the region, the focal point for a heated domestic debate over immigration and home to vocal U.S. critics.
In remarks released from São Paulo, Brazil, Bush said a better-off Latin America reduces the likelihood the region's citizens will immigrate to the United States illegally. It means more vibrant markets for U.S. goods and services, he said.
He cited the example of a once-impoverished Guatemalan farmer who, having joined with other farmers to grow vegetables suitable for export like celery, became a supplier to Wal-Mart Stores, Inc. WMT, +0.77%
"Our nation has a vital interest in helping the young democracies in our neighborhood succeed," he said in his weekly radio address. See full text of the remarks.
Bush has just started a five-country tour of Latin America aimed at shoring up alliances in the region, where countries like Venezuela and Bolivia have elected socialist governments that positions themselves as alternatives to the United States' dominant role in the region.
Venezuelan President Hugo Chavez held a rally Friday in Buenos Aires ridiculing Bush's plans to help the region's poor.
Bush said the United States is helping countries in Latin America by supporting education, health care and housing, and by relieving debt, opening up trade and encouraging reforms that will build up market economies.
"When our neighbors feel the blessings of liberty in their daily lives, the appeal of radicalism declines, and our hemisphere becomes more secure," he said.
During the week-long trip, Bush will also visit Uruguay, Colombia, Guatemala, and Mexico.