US signs economic and security deal with three Pacific nations
(VOVWORLD) -Pacific leaders have hailed the signing of a new economic and security deal with the United States, after a five-month delay.
US President Joe Biden signed the “Compact of Free Association” agreements with the leaders of the Pacific nations: Palau, the Marshall Islands and Micronesia in Washington, D.C. over the weekend.
The 20-year deal provides the three Pacific nations with a total of 7.1 billion USD in funding. It was approved by the US Senate as part of a spending package worth 460 billion USD.
The agreement gives the Pacific nations security and budget guarantees. In return, Washington gains influence and the right to locate military facilities across a swathe of the central Pacific.