The United States Has Vast Potential for Global Reach and Impact

The United States has been hit hard by the current pandemic, especially economically. Small businesses, travel industries and certain foreign trade relations have been especially impacted throughout the COVID-19 crisis. But even with their own challenges, American business is also uniquely positioned to support economic growth around the world.

Latin America Can Benefit from Addressing Underlying Issues

The Latin American region was particularly hard-hit by the pandemic, especially as they faced pre-existing challenges around economic stagnation and an already-frayed social safety net.

Neil Herrington, SVP for the Americas Department at the U.S. Chamber of Commerce, emphasized that the U.S. is in a unique position to help combat these countries’ underlying issues and propel them forward in their economic competitiveness.

“No priority is greater for this region as we try and attract investment and enhance competitiveness going forward,” said Herrington.

Herrington noted he’s optimistic for the region’s future, especially as the Biden administration has already expressed interest in the region. He states a few ways to address Latin America’s current issues lies in their “insufficient infrastructure, energy integration, digital transformation, workforce development, ensuring supply to the integrity and, above all, adherence to rule of law.”

The Middle East Region May Welcome Changes from the U.S.

Khush Choksy, SVP for Middle East, Turkey and Central Asia Affairs at the U.S. Chamber of Commerce, detailed various changes the Biden administration could work towards for the countries within their region.

Choksy explained that the new administration could engage Middle Eastern allies on rule of law, market access, transparency and digital economy safeguards. “The Biden administration will likely focus on issues related to human rights in the region, freedom of the media, and climate and sustainability,” Choksy explained. “All of these are welcomed by our companies, as our work priorities include healthcare, digital reforms and … increasingly including women in the workforce.”

According to Choksy, the Middle Eastern region is looking forward to enacting these changes from the new Biden administration and continuing with bilateral agreements to mitigate issues with Iran, previously known as the Joint Comprehensive Plan of Action, or Iranian Nuclear Deal.