At the Summit of the Americas in Los Angeles, President Joe Biden announced a new economic plan called Americas Partnership for Economic Prosperity.
This new partnership will help the economies of the Western Hemisphere “grow from the bottom up and the middle out, not the top down,” said President Biden:
“We need to break the cycle where marginalized communities are hit the hardest by disasters and have the fewest resources to recover from crises and prepare for the next one. Together, we have to invest in making sure our trade is sustainable and responsible and creating supply chains that are more resilient, more secure, and more sustainable.”
The Americas Partnership will foster innovation and help governments to deliver for their own people, said President Biden:
“People everywhere expect their government to help give them just a little bit of breathing room, provide opportunities for work that pays a decent wage, educate children so they can rise as high as their talents can take them, make communities more secure so families feel safe in their homes and individuals know their rights will be respected.”
To help governments and people in the hemisphere secure and benefit from development lending, President Biden has proposed fundamental reforms to the Inter-American Development Bank Group and increased funding for its private sector lending window to help catalyze the flow of private capital into the region, especially start-ups.
The Americas Partnership will also tackle the climate crisis head on, said President Biden:
“When I hear ‘climate,’ I think jobs — good-paying, high-quality jobs that will help speed our transition to a green economy of the future and unleash sustainable growth; jobs in developing and deploying clean energy; jobs in decarbonizing the economy; jobs in protecting biodiversity of our hemisphere; jobs that will provide dignity of being able to feed your family, give your children a better life, and envision a future of possibilities.”
“There is no reason why the Western Hemisphere shouldn’t be secure, prosperous, and democratic,” declared President Biden. “We have all the tools we need right here in our own hemisphere. Our people are dynamic and innovative. Our nations are committed to working in partnership. And our region is forever knit together by the close bonds of family and enduring friendship.”