Make America the “most economically competitive region in the world.” It is the goal proposed by United States President Joe Biden, 10 Latin American leaders and Canada at a summit at the White House.
The meeting had been planned for a long time: the creation of the Alliance for Economic Prosperity of the Americas (APEP) was Biden’s idea, which was presented last year at the Summit of the Americas in Los Angeles. But amid the outbreak of war between Israel and Hamas and as the conflict in Ukraine boiled over, his celebration represented a gesture of support from Washington toward Latin America and a response to complaints that the region was being sidelined. flat in US foreign policy priorities.
The stated goal of the new group – the United States and the countries with which it has free trade agreements in the region – is to “create a lasting forum to strengthen regional competitiveness and mobilize high-level investments in the hemisphere.” According to the White House, we must address the causes of migration flows in the region. Initial plans aim to strengthen investments and shift more parts of global supply chains to the region, “with an initial focus on clean energy, semiconductors and medical supplies,” according to the US presidential office.
“Increasing opportunities and reducing inequality; harness America’s incredible economic potential; and make the Western Hemisphere the most economically competitive region in the region. “I think that’s completely within our reach,” Biden said.
Washington is interested in strengthening ties with its neighboring region to counter the push of China, which is increasingly present in Latin America and is already the first trading partner of some of its countries. And Biden made it clear in his words at the beginning of the meeting, which was attended by the countries with which the United States has free trade agreements on the continent: Chile, Barbados, Dominican Republic, Costa Rica, Ecuador, Peru, Colombia, Uruguay, Mexico, Panama and Canada. Mexico and Panama were the only countries to send their diplomatic chiefs Alicia Bárcena and Janaina Tewaney instead of their presidents or prime ministers.
“The United States is already by far the largest investor in Latin America and the Caribbean. “We want to ensure that our closest neighbors know that they have a real opportunity to choose between diplomacy (based on) the debt trap and high-quality, transparent proposals on infrastructure and inter-American development,” the White House tenant noted in the press release Meeting in the East Room. “All we need to do is … continue to realize the positive vision we all share for a safe, prosperous and democratic region.”
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Biden’s message was transparent. The United States wants its private sector to compete with China on ambitious infrastructure projects similar to those the People’s Republic is funding in the region. And they accuse Beijing of financing these projects with loans on seemingly advantageous terms, but which burden the countries that take them out with debt.
In statements to El País, White House Western Hemisphere Director Juan González said that “we are confident in our competitiveness. Latin America and the Caribbean are not dependent on us, they have established connections with the rest of the world.”
“Ultimately, our interest is in the prosperity of Latin America and the Caribbean and in promoting integration between these countries so that they prosper. We don’t expect anything in return. The President also made it clear that we do not seek a political goal, but only the prosperity of the countries in the region, always within a democratic framework. Our national security strategy makes it clear that the democratic development of the region contributes to our security and prosperity,” emphasized González.
Biden referred to the creation of “a new infrastructure investment platform that will leverage billions of dollars.” The White House then noted that the Alliance Platform for the Americas would build “modern ports, clean energy networks and the digital infrastructure necessary for a competitive economy,” but did not provide specific numbers.
A new accelerator program is also being set up that connects start-up entrepreneurs with networks of private sector investors, for which the US aid organization USAID has pledged $5 million and Canada has pledged $3 million Canadian. Uruguay has also announced its support for this tool.
APEP will also provide funding to provide infrastructure and social services to immigrants and their host communities. The United States, Canada, South Korea and Spain are working with the Inter-American Development Bank (IDB) to provide this body with $89 million to be used to support the countries most affected by migration. Spain will contribute two million dollars, adding to the additional five paid out since 2019, for a total of seven million. “We must ensure that communities have the resources they need to care for migrants,” Biden emphasized in his speech.
“There is an opportunity for the middle class and working class to grow, expand opportunity and reduce inequality, realize America’s incredible economic potential and make the continent the most economically competitive region in the world.” I think it is within our reach,” Biden emphasized in his speech, flanked by the presidents of Costa Rica, Rodrigo Chaves Robles, and Uruguay, Luis Lacalle Pou.
The US President also announced the creation of a Fund for Nature, which will promote investments in “green bonds” – debt instruments issued by public or private institutions to finance projects aimed at improving the environment – and “blue bonds”. Protect oceans.
The Middle East conflict is not mentioned in the meeting’s final communiqué, but was one of the topics raised at the leaders’ meeting, González confirmed. “There was an open conversation about it, but it didn’t distract from the conversation about economic issues,” he noted. Chile and Colombia, both participants in the summit, are two of the Latin American countries that have been most critical of Israel. Chilean President Gabriel Boric raised the crisis during his bilateral meeting with Biden on Thursday.
The summit concluded with a statement in which the eleven countries declared their “common vision for a more open, fair, inclusive, sustainable and prosperous hemisphere” and in which they “recognized the need to accelerate inclusive trade and investment and to sustainably address climate change “. Address the crisis and expand social and economic opportunities to leave no one behind.”
At that point, Biden was no longer in the White House. In the morning, the American president set off on a trip to Lewiston, Maine, to meet with the families of the victims of the worst shooting in the United States so far this year, in which a man killed eighteen people last Friday take life.
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