Obama to promote US, Latin America trade ties with business leaders

President Obama will praise the trade relationship between the U.S. and Latin America as "one of the world’s most dynamic" in remarks to business leaders in Cartagena, Colombia on Saturday.

Obama is attending the 33-nation Summit of the Americas this weekend, where he hopes to improve trade relations and economic ties with the region.

"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," Obama will say in prepared remarks released by the White House. 

"With nearly a billion citizens, nearly a billion consumers, among us, there's so much more we can do together," he will add.

Business executives from companies including Wal-Mart, PepsiCo and Yahoo are expected to attend the president's address, reports say.

On his way to Colombia, Obama on Friday spoke at the port of Tampa in Florida, where he vowed to continue working to "open up new markets for American businesses." 

"While I'm in Colombia talking with other leaders, I'm going to be thinking about you," the president told workers at the port. 

"I want us selling stuff and I want to put more Americans back to work."

At the summit in Colombia, Obama will meet with Colombian President Juan Manuel Santos to discuss a wide range of issues, including the free trade deal agreed to by the U.S. and Colombia in October 2011.

There has been speculation, a s well, that officials may announce that the trade deal is ready for implementation.

But before the deal can be implemented, U.S. officials will need to evaluate where Colombia stands on promises to improve worker rights and prevent violence against labor movement leaders. The free trade deal with Colombia has faced opposition from many of Obama's labor supporters concerned about violence towards union members in the Latin American country.

- Vicki Needham contributed

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