The U.S. government launched the Americas Partnership initiative at the Ninth Summit of Americas on June 8, 2022, to deepen economic integration, create well-paying jobs, and promote competitiveness, resilience, and innovation in the Western Hemisphere.
The Americas Partnership for Economic Prosperity aims to enhance regional competitiveness and deliver tangible benefits for the region, serving as a lasting, dynamic forum where partners can address the hemisphere's most pressing economic issues.
Here is what you need to know about the Partnership:
What are the three tracks of the Americas Partnership?
- Foreign Affairs: To advance activities and initiatives that will help to deliver sustainable growth and unleash the full potential of the Americas.
- Trade: To bolster the foundations of our regional competitiveness by building upon our existing trade links and economic cooperation.
- Finance: To pursue high-standard finance and investment initiatives that will be central to the success of the Americas Partnership
What role does the private sector play in the Americas Partnership?
The private sector plays a crucial role in leading the development of globally competitive supply chains in the Western Hemisphere. While governments can create favorable conditions for investment, the private sector drives concrete projects and fosters innovation, investment, and job creation.
Businesses are essential for addressing the region's most pressing challenges, from enhancing trade relations to advancing clean energy, improving food security, and developing a competent workforce in areas like cybersecurity and semiconductors. Through public-private partnerships, the private sector helps champion democracy, strengthen economic resilience, and ensure sustainable growth.
As this has been an important election year in the region and will continue with elections in the United States this fall, it's important the private sector is clear about the benefits of trade, how it benefits the U.S. economy, how it benefits both large and small companies, and its impact on job creation to advance the goals of the partnership.
How is the Chamber advancing the Partnership's goals?
The Chamber convenes private sector leaders and CEOs with governments to ensure business has a role in creating the institutional framework of the Americas Partnership by determining the framework's structure and how the member governments will engage in stakeholder consultations.
This week, the Chamber hosted the Private Sector Forum on the margins of the second Americas Partnership Ministerial. The Chamber convened leaders of the partnership and the private sector, such as:
- Jose W. Fernandez, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment;
- Ambassador Brian A. Nichols, Assistant Secretary of State for Western Hemisphere;
- Foreign ministers from Costa Rica, Peru, Uruguay, Canada, Panama, Ecuador, the Dominican Republic, and Barbados; and
- Business leaders from Walmart, Millicom/ Tigo, and UPS.
The forum expanded on the goals of the Americas partnership and discussed collaboration on key workstreams such as expanding skills for economic growth, entrepreneurship, expanding digital capabilities as well as digital skills, sustainable agriculture and bioeconomy, and how the rule of law fosters business certainty, cooperation, and harmonization.
The Chamber also recently released a report on nearshoring potential in the Americas, highlighting opportunities for investment in the region. The Chamber continues to draw on this survey's findings to identify new collaboration areas with governments and other stakeholders as we tackle major investment barriers through enhanced rule of law, good regulatory practices, and infrastructure modernization.
What's next?
On the government side, the July 17 Foreign Affairs Ministerial covered one of the three Americas Partnership tracks, following the 2024 Finance Ministerial held on April 19. The next Trade Ministerial is expected to be next month in Quito, Ecuador. Next year’s Leaders’ Summit will take place in Costa Rica.
The Chamber and its members will continue to engage through consultations, investments, and policy submissions.
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About the authors
Tatiana Niang
Tatiana Niang is a Communications Manager for the U.S. Chamber of Commerce.
