U.S., 11 Nations Commit To Inclusive Economic Prosperity at Americas Partnership Meeting

News Americas, WASHINGTON, D.C., July 17, 2024: The United States and 11 other nations today committed to shared prosperity for all in the Western Hemisphere as the Americas Partnership for Economic Prosperity Ministerial concluded in Washington, D.C.

US Secretary of State Antony Blinken speaks at the Americas Partnership for Economic Prosperity foreign affairs track Ministerial meeting to discuss “ongoing collaboration to fulfill the hemisphere’s potential to foster inclusive, sustainable, and shared prosperity for all” at the State Department in Washington, DC, on July 17, 2024. Blinken on July 17 unveiled a new plan for countries in the Americas to boost production of semiconductors, which are critical just about everywhere in modern industry and a sector dominated by China. (Photo by MANDEL NGAN/AFP via Getty Images)

The CARICOM Community saw the attendance of only Barbados at the meeting which emphasized initiatives in clean energy, digital economy, and entrepreneurship.

Joint Statement on Economic Prosperity

The governments of the United States, Barbados, Canada, Chile, Costa Rica, Colombia, the Dominican Republic, Ecuador, Mexico, Panama, Peru, and Uruguay, issued a statement underscoring a collective resolve to foster inclusive and sustainable prosperity. The ministers highlighted shared values such as democratic governance, rule of law, and human rights as pillars of their economic collaboration.

Key Initiatives Announced

Entrepreneurship Support:

Canada, the U.S., and Uruguay are leading efforts to train a diverse group of entrepreneurs. Initiatives like the USAID CATALYZE Americas Partnership Accelerator and the Accelerate Women Entrepreneurs Program aim to support 750 entrepreneurs over three years. They do this by offering training and access to capital.

Digital Economy Expansion:

Following a successful semiconductor workforce symposium in Costa Rica, another symposium is scheduled for September. This symposium will take place in Mexico and aims to explore opportunities in the semiconductor supply chain. Costa Rica’s Center of Excellence will offer virtual courses in cybersecurity and AI to boost regional digital skills.

Clean Energy Promotion:

A clean hydrogen working group, co-led by Chile, Uruguay, and the U.S., will promote clean hydrogen projects. The group will develop national policies and investment frameworks. These frameworks aim to enhance clean energy production. The ultimate goal is to position the Americas as a leader in clean hydrogen.

Rule of Law and Transparency:

The Dominican Republic hosted a workshop to share best practices in transparency and ethics. Partners plan to adopt improved procurement practices with support from UNODC anti-corruption hubs, focusing on greater transparency in government functions.

Sustainable Food Production:

Workshops in Ecuador and Peru, supported by IICA, IDB, and FAO, defined a regional agenda for sustainable agriculture. Initiatives include creating a digital platform for best practices in sustainable agriculture and promoting deforestation-free production.

Civilian Space Cooperation:

The U.S. and Chile are co-leading efforts to use space technology for environmental management. Future activities include workshops on space technology applications and a potential space conference in 2025.

Innovative Financing and Supply Chain Resilience

The partnership highlighted the importance of innovative financing for sustainable infrastructure and biodiversity, with collaboration between the U.S. International Development Finance Corporation (DFC) and IDB Invest. Additionally, the IDB’s studies on critical minerals, semiconductors, and medical supplies aim to strengthen resilient and secure supply chains.

Stakeholder Engagement and Expansion Plans

The partnership will continue engaging with private sector, civil society, and labor organizations to enhance its initiatives. A formal process has been adopted for considering new members. This process allows any Western Hemisphere nation to join. They can do so by submitting an expression of interest.

The United States announced a commitment of up to $30 million toward a new initiative. This initiative aims to accelerate international development projects in countries throughout Latin America and the Caribbean. The goal is to sustain the positive effects these projects deliver. The new technical assistance facility is the result of innovative cooperation between DFC and IDB Invest. It will be available to any project developed under the shared Americas Partnership for Economic Prosperity Platform. The facility will expand the pipeline for new projects. It will also support those under consideration to meet rigorous criteria for DFC-IDB Invest financing.

Future Outlook

The 2025 Americas Partnership Leaders’ Summit in Costa Rica, where leaders will review progress and outline future strategies for regional economic cooperation.