A resolution promoting stronger economic relations between the United States, Canada, and countries in Latin America and the Caribbean.
3/12/2024, 11:28 AMSummary of Bill SRES 273
Bill 118 SRES 273 is a resolution that aims to enhance economic ties between the United States, Canada, and nations in Latin America and the Caribbean. The resolution emphasizes the importance of fostering stronger economic relationships with these countries in order to promote economic growth and stability in the region.The resolution highlights the significant trade and investment opportunities that exist between the United States, Canada, and countries in Latin America and the Caribbean. It calls for increased cooperation and collaboration in areas such as trade, investment, and economic development.
Additionally, the resolution recognizes the importance of promoting democracy, human rights, and the rule of law in the region. It emphasizes the need for continued efforts to address issues such as corruption, poverty, and inequality in order to create a more prosperous and stable environment for economic growth. Overall, Bill 118 SRES 273 seeks to strengthen economic relations between the United States, Canada, and countries in Latin America and the Caribbean in order to promote mutual prosperity and stability in the region.
Congressional Summary of SRES 273
This resolution recognizes that increased tensions between the United States and China and the COVID-19 pandemic have exposed severe vulnerabilities attributable to overreliance by the United States and other countries on supply chains based solely or mainly in China.
The resolution emphasizes that nearshoring in Latin America and the Caribbean, relative to relying on supply chains in other geographic regions, has the greatest potential to contribute to the economic prosperity and security of the United States while also advancing the post-pandemic economic recovery of countries in the Western Hemisphere. Nearshoring is the practice of transferring a business operation to a nearby country, especially in preference to a more distant one.
The resolution encourages the U.S. Agency for International Development and the U.S. International Development Finance Corporation to strengthen programmatic support for initiatives likely to facilitate the relocation of global supply chains to the Western Hemisphere.
The resolution also calls for governments in Latin America and the Caribbean to increase opportunities for nearshoring in the region.
Finally, the resolution urges the Department of State to take a leading role in advancing nearshoring in Latin America and the Caribbean.
