January 27, 2023 - At the Summit of the Americas opening ceremony, President Biden introduced the Americas Partnership for Economic Prosperity. This initiative aims to boost economic growth in the Western Hemisphere and enhance regional cooperation.
Secretary of State Blinken and United States Trade Representative Tai are advancing this initiative with representatives from several Western Hemisphere countries. These countries include Barbados, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Mexico, Panama, Peru, and Uruguay. Together they account for about 90 percent of the region's GDP and nearly two-thirds of its population.
The United States maintains strong economic ties within the region through existing free trade agreements with nine initial partners. The Americas Partnership seeks to bolster these efforts by focusing on economic growth drivers such as job creation and competitiveness. "Our workers, our companies, and our people benefit from our close economic ties and deep partnership with our closest neighbors," states a White House briefing.
The framework is open to all countries sharing similar values and visions for prosperity in the hemisphere. Following this announcement, preparations will begin for future negotiations on commitments and cooperation areas. The U.S. government plans to consult closely with labor groups, environmental organizations, civil society, industry stakeholders, businesses, and Congress.
President Biden emphasizes that "the Western Hemisphere is and will continue to be an economic powerhouse." The administration looks forward to advancing this partnership throughout the year.