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A resolution promoting stronger economic relations between the United States and countries in Latin America and the Caribbean.
12/29/2022, 5:48 PM
Summary of Bill SRES 661
The resolution highlights the potential for increased trade and investment opportunities between the US and Latin American and Caribbean countries, emphasizing the benefits of closer economic relations for job creation, economic growth, and regional stability. It also acknowledges the cultural and historical ties that bind the US to these regions and the importance of fostering positive relationships for the benefit of all parties involved.
Additionally, the resolution calls for increased collaboration on issues such as infrastructure development, energy security, and environmental sustainability. It encourages the US government to work with its counterparts in Latin America and the Caribbean to address common challenges and promote shared goals. Overall, Bill 117 S.Res. 661 underscores the importance of strengthening economic relations between the United States and countries in Latin America and the Caribbean for the benefit of all parties involved. It emphasizes the need for cooperation, dialogue, and mutual respect in order to promote economic growth and prosperity in the region.
Congressional Summary of SRES 661
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.
