The inaugural Americas Partnership for Economic Prosperity Leaders’ Summit ended here on Friday with President Joe Biden reaffirming the United States’ commitment to working with its partners in Latin America and the Caribbean and to drive more inclusive and sustainable economic growth in the Western Hemisphere.
At the end of their deliberations, the leaders of the United States, Barbados, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Mexico, Panama, Peru, and Uruguay issued a Declaration promising to “hold a shared vision for a more open, fair, inclusive, sustainable, and prosperous hemisphere.
“We envision a brighter future for all the people of the Americas in which vibrant economies build more equitable societies and democratic governments, through effective institutions, deliver for all.
“To this end, we recognize the need to accelerate inclusive and sustainable trade and investment in the region, address the climate crisis, and expand social and economic opportunities that leave no one behind. We reaffirm our collective commitment to shared values, including democracy, rule of law, diversity and inclusion, decent work and well-paying jobs, environmental and social protection, labor rights, universal human rights, and fundamental freedoms in the Americas.”
According to the Declaration, Barbados Prime Minister Mia Mottley and the leaders of the other countries said that having launched the Americas Partnership for Economic Prosperity (Americas Partnership) to strengthen their economic partnership significantly.
“We intend for the Americas Partnership to serve as a lasting regional platform to pursue an ambitious, flexible, and goal-oriented economic and development agenda.”
The leaders said that at this inaugural Leaders’ Summit of the Americas Partnership, they have identified five initial cross-cutting priorities that will focus and drive their collective work.
They listed the five as strengthening regional competitiveness and integration, fostering shared prosperity and good governance, building sustainable infrastructure, protecting the climate and environment, and promoting healthy communities.
They said to advance these priorities. They will identify specific actions that they intend to collectively implement to achieve concrete results through a newly created and enduring structure for the Americas Partnership.
“To that end, we resolve to establish three tracks and ask Ministers to meet annually to carry out these efforts.”
The Declaration notes that the Foreign Affairs Track will advance activities and initiatives that will help to deliver inclusive and sustainable growth and unleash the full potential of their people.
The leaders acknowledged the intricate links in each of their countries between good governance and increased growth, as well as the importance of ensuring that the gains are broadly shared.
“To launch this first phase of work, we ask our Foreign and other relevant Ministers to prioritize collaborative initiatives aimed at fostering inclusive growth, such as through the establishment of a regional accelerator for entrepreneurs and programs to promote workforce development, particularly in the digital economy.
“We further call on Ministers to identify specific tools and initiatives to address barriers that prevent women and other historically underrepresented groups from participating fully in the workforce.
“Additionally, we ask Ministers to advance projects and initiatives that will help to tangibly improve access to healthcare, potable water, clean energy, food, and nutritional security, and support smart agriculture and protect against climate change through sound adaptation and mitigation practices, which are essential for prosperous societies and economies and the future of humankind.”
The leaders said the Trade Track will bolster the foundations of their regional competitiveness by building upon our existing trade links and economic cooperation.
“We call on the Ministers responsible for trade to develop inclusive and sustainable approaches to trade and investment that will support regional sustainable development and resilient supply chains for goods and services, enhance a predictable and transparent regulatory environment that can boost trade flows, and remove barriers to greater economic integration among our countries.”
The leaders said they expect these efforts to reflect their values and create formal jobs that lead to decent work and promote internationally recognized labor rights, environmental sustainability, and economic inclusion.
“We ask Ministers to immediately focus on enhancing regional integration by advancing implementation of the World Trade Organization (WTO) Agreement on Trade Facilitation and digitization of customs mechanisms throughout the region.
“We further ask Ministers to conduct a gap analysis to identify regulatory actions needed to enhance regional integration and develop mechanisms, actions, and information-sharing tools to ensure that trade benefits are more widely shared with micro, small, and medium-sized enterprises and historically underrepresented communities.”
The Finance Track will pursue high-standard Finance and investment initiatives that will be central to the success of the Americas Partnership.
The leaders said they would ask their Finance and other relevant ministers to aim to accelerate efforts to increase the quality and quantity of fina.
“Ministers should work to maintain momentum on the ongoing evolution of multilateral development banks to better address national and cross-border development challenges, especially at the World Bank Group and the Inter-American Development Bank Group.
“ We commend the consensus reached by the Governors for the Inter-American Development Bank (IDB) and the Inter-American Investment Corporation (IDB Invest) to make swift progress towards reform of the IDB Group and towards assessing the potential recapitalization of IDB Invest.
“We look forward to the IDB Group playing a renewed role in hemispheric engagement that promotes high-standard, responsible, and sustainable investment that safeguards workers, communities, and the environment, expands access to decent jobs and catalyzes regional growth,” they said in the Declaration.
The leaders said that they believe that, together, they can transform their shared hemisphere, building on the diversity, talent, and dynamism of their people.
“ We intend to meet every two years to assess our progress and identify additional opportunities to galvanize action toward our vision for a closer, safer, more prosperous Americas,” they added.
Source: CMC
Headline Photo: President Joe Biden and leaders take a family photo for the Americas Partnership for Economic Prosperity Leaders’ Summit, Friday, November 3, 2023, at the South Portico of the White House. (Official White House Photo by Adam Schultz)
