The president of United StatesJoe Biden announced on Wednesday a new economic partnership with countries in the Americas. and that it will be a guide for US trade relations with the region
During his opening speech at the Summit of the Americas, which takes place in Los Angeles, he announced the “Association of the Americas for Economic Prosperity”, which aims to boost long-term economic competitiveness in the United States, to face challenges such as the one posed by the Chinese economy.
Biden assured that the new alliance “It will help economies grow from the bottom up and the middle out, not from the top down.” because the trickle down economy doesn’t work.
“But when we invest in empowering workers and the middle class, the poor have a ladder up, and those at the top are doing well. This is how we can increase opportunities and decrease persistent inequity”, he assured.
The president said that it is necessary to break the cycle by which Marginalized communities bear the brunt of disasters and they have the fewest resources to recover from economic crises.
“Together, we need to invest to make sure our trade is sustainable and responsible and create supply chains that are more resilient, safer and more sustainable.
“By working with close friends who share our valueswe can ensure that we are not left vulnerable to unexpected shocks while creating economic opportunities for the people of our region.”
Biden pointed out that the Alliance of the Americas will promote innovation and help governments meet their objectives in terms of social policy, for which it is necessary to direct investment to these ends, including the modernization of the Inter-American Development Bank (IDB).
In this sense, it will propose fundamental reforms to the IDB, in addition to The United States will invest to strengthen the bank’s private sector lending and help catalyze the critical flow of private capital to the region, “especially for emerging companies, digital connectivity, renewable energy and health.”
In addition, the Association of the Americas will address the climate crisis, with aid for the transition to the green economy and sustainable growth, with jobs in development and deployment of clean energies, as well as in the decarbonisation of the economy.
He mentioned that in the coming days he will launch an alliance to face the climate crisis, led by Vice President Kamala Harris, as well as a pact between the largest food exporters in the hemisphere –United States, Argentina, Brazil, Canada, Chile and Mexico– to increase food production for export and fertilizer production.
The US president announced that the Los Angeles Declaration will be launched on Friday, with “a new innovative and integrated approach to manage migration and share the responsibility throughout the hemisphere.”
“The declaration represents a mutual commitment to invest in regional solutions that enhance stability, increase opportunities for safe and orderly migration through the region and crack down on criminal and human trafficking that prey on desperate people,” he said.
“Safe and orderly migration is good for all of our economies, including the United States. It can be a catalyst for sustainable growth,” she noted, while saying that “Illegal migration is not acceptable.”
Joe Biden assured that democracy is a “distinctive stamp” of the region and asked the American leaders for unity, at a time “when democracy is being attacked all over the world”, since democracy is “the essential ingredient for the future of the Americas.”