One element of President Roosevelt's Good Neighbor Policy was that the United States and Central and South American countries agreed to economic cooperation to protect their shared interests in the western hemisphere. The Good Neighbor Policy was a foreign policy initiative that aimed to improve relations between the United States and its neighbors in Central and South America. It was based on the idea that the United States should treat its neighbors with respect and equality, rather than as subordinate nations. The policy included economic cooperation, cultural exchange, and non-intervention in the affairs of other countries. By promoting economic cooperation, the Good Neighbor Policy helped to strengthen ties between the United States and its neighbors, and it helped to promote stability and prosperity in the region.