At the Summit of the Americas that is taking place in Los Angeles, President Biden will announce the Americas Partnership for Economic Prosperity.
The new agreement, according to the White House, will be implemented to drive the economic recovery and growth.
Latin America and the Caribbean has seen the deepest economic contraction of any region in the world. Income inequality is widening, millions of people are being cast back into poverty, and global inflation.
The Americas Partnership for Economic Prosperity, according to the White House wants to “rebuild our economies from the bottom up and middle out.”
According to a senior White House official, The Americas Partnership will focus on the following:
- reinvigorating regional economic institutions and mobilizing investment.
- investments to update the social contract between governments and their people.
- resilient supply chains.
- decarbonization, biodiversity, and clean energy jobs.
- sustainable and inclusive trade.
As a part of the Americas Partnership, President Biden will put forward an “ambitious reform” of the Inter-American Development Bank, IDB, to better address the region’s development challenges.
The President will also announce over $300 million in assistance for the region in food insecurity.