Biden unveils new Latin America economic plan at the Summit

President Joe Biden announced on Wednesday a proposed new U.S. economic partnership with Latin America aimed at countering China's growing clout as he kicked off a regional summit marred by discord and snubs over the guest list.

Hosting the Summit of the Americas in Los Angeles, Biden sought to assure the assembled leaders about his administration's commitment to the region despite nagging concerns that Washington, at times, is still trying to dictate to its poorer southern neighbors.

The line-up of visiting heads of state and government in attendance was thinned down to 21 after Biden excluded Cuba, Venezuela and Nicaragua, prompting Mexican President Andres Manuel Lopez Obrador and several other leaders to stay away in protest.

"We have to invest in making sure our trade is sustainable and responsible in creating supply chains that are more resilient, more secure and more sustainable," Biden told a gala opening ceremony.

The U.S. plan also proposes to revitalize the Inter-American Development Bank and create clean energy jobs.