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US calls for ‘new rules of conduct’ in the Americas to boost investment



Jose Fernandez, U.S. Under Secretary of State for Economic Growth, Energy and the Environment.  / courtesy.

Jose Fernandez, U.S. Under Secretary of State for Economic Growth, Energy and the Environment. / courtesy.

Jose Fernandez, the U.S. Under Secretary of State for Economic Growth, Energy and Environment, said today that the Americas Alliance for Economic Prosperity will “establish new rules of conduct” related to the rule of law and insurgency. explained that it was intended to Anti-corruption and due process will make the Americas a ‘stable’ region for economic investment.

US officials today account for 90% of the Western Hemisphere’s Gross Domestic Product (GDP) in Barbados, Canada, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, Mexico, Panama, Peru and Uruguay. Countries such as El Salvador, Guatemala and Honduras have not joined the initiative.

At the meeting, he laid out some reasons why continental investors are hesitant.

Today, when companies hesitate to invest in our region, they are criticized for saying, “I’m not investing. It’s not because of tariffs.” Today, tariffs are minimal to zero, but they tell us, “We have problems with the rule of law, we don’t trust the courts, we have problems with corruption, we have problems moving components from one place to another. We have not done so because it is difficult to do so and because our products are not manufactured in only one country.” – Jose Fernandez, Assistant Secretary of State for Economic Growth.

Fernandez said most of the alliance’s members already have free trade agreements and aims to improve as a continent in creating fair jobs, clean investments that benefit communities and an expanding middle class. , the Alliance has assured that it intends to establish new rules of conduct. These rules of conduct are necessary to “make the continent a more competitive place”. It’s not because countries have lowered tariffs, but because it’s a “single stable group” that can invest and create a middle class.

What about El Salvador, Guatemala, Honduras?

The alliance will agree on a mechanism through which new countries can join.

When asked why countries in the Northern Triangle (Honduras, Guatemala, and El Salvador) were not included and when they would be considered, officials said the American Alliance for Economic Prosperity is an “open framework.” I answered that it is. Include as much as possible”.

Then we will discuss with other countries and other partners… our idea is that new countries will join and this is our effort, to make sure the alliance is as inclusive as possible. This is something that should be discussed between partners.

Faced with another question about the requirements of the United States and its founding partners, and whether State Department questions about violations of human or democratic rights could limit participation in these countries, he said, Hemispheric vision”. It does not detail which countries meet or do not meet this profile.

This is a framework open to countries that share our vision of a more prosperous and democratic hemisphere, and although some will not follow it, most of Latin America’s neighbors welcome it. Department”.

The Inter-American Alliance for Economic Prosperity seeks to improve customs systems, regulations and workforces to improve regional competitiveness. Improving sustainability, supply chains, health systems and agriculture to reduce hunger in the hemisphere. We aim to share prosperity, improve the rule of law, reduce corruption and improve our tax system. Investments that incorporate the private sector to help multilateral banks direct investments into priority sectors and help reform the Inter-American Development Bank (IDB) and other regional banks.

We have that level of ambition. All countries wishing to participate in this effort will need to discuss with other partners the mechanisms to do so, but our hope is that there will be a certain level of ambition in the region so that more countries can participate. is to produce At the opening ceremony of the Summit of the Americas, President Biden announced the Association of the Americas for Economic Prosperity. Activate greater economic cooperation in the hemisphere.

The Inter-American Alliance for Economic Prosperity was announced at the opening of the Summit of the Americas to boost economic growth in the hemisphere over the coming decades and to “revitalize” greater economic cooperation towards the hemisphere. . Last Friday, January 27, U.S. Secretary of State Anthony Blinken and U.S. Trade Representative Katherine Tai visited Barbados, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Mexico, Panama, Peru, and Uruguay.

Source: Diario Elmundo

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