The Summit of the Americas will be a crucial opportunity for President Joe Biden to sell his economic agenda. However, trade agreements are not on this list and may have been conveniently left out.
The President will present a proposal aimed at mobilizing new investments, facilitating inclusive trade and strengthening supply chains. The plan also promotes decarbonization by updating the “social contract” between governments with their people in mind.
“The overall objective is to build our economies from the bottom up and the middle out by building on the foundation established by our free trade agreements with the region to better address the inequality and lack of economic opportunity and equity,” shared a senior administration official.
In an effort to heal wounds after public speculation about who would be invited, the partnership will also address several other initiatives including economic engagement rather than the domestic issues that was earlier speculated.
Mexican PresidentAndrés Manuel López Obrador has revealed he will not be attending the 2022 Summit of the Americas after the exclusion of Cuba, Venezuela, and Nicaragua.
During the summit, Biden’s administration will seek to improve ties with its southern neighbors to discuss immigration, climate change, and the growing economic and political influence of its geopolitical rival, China. However, Biden’s proposal may not satisfy Latin American countries’ desire to gain more trade access to the United States.
“I really worry America has sort of walked away from our engagement in Central and Latin America, and I think it’s going to take a deliberate, concerted effort to re-engage,” said House Ways and Means Committee’s member and free trade vocal supporter Rep. Kevin Brady. “I don’t see that happening at the Americas summit, principally because the whole world knows the president’s not interested in enforceable trade agreements that can help boost investment in two-way trade.”
Throughout the three-day summit, Biden will discuss the economic agenda, health initiatives, climate change, food security, and migration.