Biden announced this agreement during the IX Summit of the Americas in Los Angeles.
The Joe Biden Administration announced that it began talks with 11 nations of the Americas to create the Association of the Americas for Economic Prosperity
The Joe Biden Administration said Friday that it has begun negotiations with 11 nations in the Americas, mostly Latin American, on an agreement designed to promote regional economic cooperation without offering greater access to the US market for their products.
The announcement of the new economic alliance came in a virtual meeting attended by Secretary of State Antony Blinken, US Trade Representative Katherine Tai, and representatives of the participating nations.
The Alliance of the Americas for Economic Prosperity (APEP) will be a regional cooperation framework to promote inclusive economic growth and strengthen regional competitiveness, as announced by President Biden at the Summit of the Americas.
The United States already has trade agreements with nine of the countries that agreed to participate in the initial APEP negotiations.
The White House published on Friday the “Joint Declaration on the Alliance of the Americas for Economic Prosperity”, in which the governments of Barbados, Canada, Chile, Colombia, Costa Rica, Ecuador, the United States, Mexico, Panama, Peru, The Dominican Republic and Uruguay announce that they intend to announce our shared intention to establish the Alliance of the Americas for Economic Prosperity.
The initiative aims to spur broad prosperity and address some of the Western Hemisphere’s toughest problems, including mass migration to the United States.
The APEP pact reflects the US government’s efforts to build stronger regional ties as it faces congressional opposition to further trade liberalization, which many lawmakers, and the president’s allied unions, blame for the loss of million jobs in the US manufacturing industry.
The Alliance of the Americas will foster regional competitiveness, resilience, shared prosperity, and inclusive and sustainable investment, while addressing the climate crisis, by seeking high-level agreements.
Biden administration advisers are also pursuing another similar regional deal, the Indo-Pacific Economic Framework for Prosperity, in talks with 12 countries in Asia.