FACT SHEET: President Biden Announces the Americas Partnership for Economic Prosperity
At the opening ceremony of the Summit of the Americas, President Biden will announce the
Americas Partnership for Economic Prosperity, a historic new agreement to drive our
hemisphere’s economy recovery and growth, and deliver for our working people. Accounting for
31.9 % of global GDP, the Western Hemisphere is one of the most dynamic economic regions in
the world, and the United States’ ties with the rest of the hemisphere are broad and deep.
Still reeling from the disproportionate impact of the COVID-19 pandemic, Latin America and
the Caribbean has seen the deepest economic contraction of any region in the world. Income
inequality is widening, millions of people are being cast back into poverty, and global inflation –
made worse by Putin’s war in Ukraine – is straining families’ budgets. The Americas
Partnership for Economic Prosperity will rebuild our economies from the bottom up and middle
Together with partners, we deepen our economic cooperation, focusing on the largest drivers of
middle-out growth, and shaping new tools for the challenges facing us today and, in the decades,
to come. We will strengthen our supply chains to be more resilient against unexpected shocks.
We will foster innovation in both the public and private sectors, so governments can better
address society’s most pressing challenges, and businesses can enhance their productivity. And
we will tackle the climate crisis by growing climate-related industries that will give rise to high quality jobs.
As a high-standards approach that is built on shared values, this partnership will support U.S.
business and workers and support hemispheric recovery, resilience, and stability across the
Americas. Following the conclusion of the Summit of the Americas, the United States will hold
initial consultations with partners in the hemisphere and stakeholders on the following areas of
- Reinvigorating Regional Economic Institutions and Mobilizing Investment. To
deliver on our aspirations, we will work to pivot our public institutions and financing
mechanisms to leverage far greater levels of private investment. We will together
reinvigorate the hemisphere’s regional economic institutions, such as the Inter-American
Development Bank, including through reforms to drive climate ambition, social inclusion
and private sector development with the possibility of future capital for IDB Invest, and
ensure international financial and economic institutions adequately prioritize the region.
We will also work to support countries that are host to large numbers of migrants or
refugees, or who want to make ambitious reforms in line with the Partnership’s goals.
- Making More Resilient Supply Chains. Our economic security rests on supply chains
that are diverse, secure, transparent, and sustainable. We recognize the importance of
diversifying and rebalancing our supply chains to minimize disruption risks. As we work
to create resilient supply chains, we will prioritize development of our workforce and
take steps to ensure supply chains are transparent and free of exploitative labor
- Updating the Basic Bargain. Public investments and innovations in public
administration can make life better and fairer for our respective citizens. We will explore
how to broaden participation in the formal economy, including tax and anti-corruption
measures, as well as cooperation and infrastructure investments in areas such as
migration, education, health, unemployment and retirement, childcare, and women’s
- Creating Clean Energy Jobs and Advancing Decarbonization and Biodiversity. In line with our climate goals and to support good jobs, we will work together to accelerate clean energy technology, more sustainable forest conservation and management, and low emission and resilient agricultural practices. We will work to decarbonize our economies, enhance biodiversity, and build resilience to climate impacts. We will deepen cooperation on technologies and best practices, mechanisms to increase public and private investment, and explore technical assistance to advance quality infrastructure and programming.
- Ensuring Sustainable and Inclusive Trade. The pandemic has only underscored the importance of secure and resilient regional trade flows, as well as the growing role that digital technologies and services play in our economies. We will focus on how to better cooperate on customs facilitation, advance transparency and good regulatory practices, pursue high standards on the digital economy, responsibly support emerging technologies, build resilience in our energy and food supply chains, advance strong labor and environment standards, and incentivize corporate accountability and a race to the top to foster regional economic development.