As U.S. Prepares to Hosts Summit of the Americas, Young Joins Bipartisan Group to Promote Nearshoring, Strengthen Economic Relations with Latin America, Caribbean
“Partnering with allies in our own hemisphere and here at home to build the economy of the future reduces these risks and bolsters our national security,” -Sen. Young.
WASHINGTON – U.S. Senators Todd Young (R-Ind.), Bob Menendez (D-N.J.), Tim Kaine (D-Va.), Bill Hagerty (R-Tenn.), and Chris Coons (D-Del.) introduced a Senate resolution calling for greater support for reshoring and nearshoring initiatives to relocate global supply chains to the United States and partner countries in the Western Hemisphere. The bipartisan resolution also underscores the risks that continued overreliance on supply chains based solely or mainly in China poses to the United States’ national security and economic prosperity.
As countries come together for the upcoming Ninth Summit of the Americas in Los Angeles, the resolution recognizes that the United States has a unique opportunity to work alongside our neighbors to increase supply chain resiliency and security and contribute to the post-pandemic economic recovery of Latin America and the Caribbean. The resolution expresses support for United States’ coordination with the Inter-American Development Bank, regional governments, and the private sector, to attract foreign direct investment to the Western Hemisphere and facilitate regional economic integration. The resolution also calls for efforts to address ongoing barriers to nearshoring in Latin America and the Caribbean, including underdeveloped physical and digital infrastructure, concerns about the rule of law in several countries, and the need for greater compliance with international labor and environmental standards.
“China, Russia, and COVID have demonstrated only too well the significant threats facing our global supply chains. Partnering with allies in our own hemisphere and here at home to build the economy of the future reduces these risks and bolsters our national security,” said Senator Young.
“I am proud to be joined by my colleagues in introducing this bipartisan resolution to deepen economic relations with Latin America and the Caribbean and strengthen our hemispheric partners’ participation in global supply chains,” Chairman Menendez said. “Our Latin American and Caribbean neighbors share strong cultural, economic, and democratic ties with the United States and serve as a crucial source of critical goods, making them ideal partners as we work together to create more diverse, resilient, and secure supply chains outside of China. I look forward to securing our resolution’s passage on the Senate floor, and I remain deeply committed to advancing U.S. economic diplomacy by bolstering U.S. engagement with the Inter-American Development Bank and regional governments on reshoring and nearshoring initiatives.”
“This timely, bipartisan initiative offers meaningful ideas to strengthen the economic partnership between the United States and our democratic neighbors,” said Eric Farnsworth, Vice President of the Council of the Americas. “At a time when our region faces many challenges, it is a strategic approach that builds our hemispheric community by encouraging the sort of private sector led growth the region needs and deepening cooperation across a broader range of important issues.”
Find the full resolution here.
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