Last week, U.S. Rep. Maria Elvira Salazar, R-Fla., and U.S. Sen. Bill Cassidy, R-La., released a discussion draft of the “Americas Trade and Investment Act” (Americas Act) to create an ever-expanding and permanent trade partnership of Western Hemisphere countries promoting prosperity and stability.
The draft bill counters China’s growing control over global manufacturing and geopolitics by uniting democracies in our hemisphere through fair trade and shared values.
“It’s time we unleash the full economic potential of the United States and Latin America. The Americas Act is the solution to grow our economy and bring stability to the hemisphere,” said Salazar. “This bill will create new business opportunities at home and abroad, help our allies in the region, build resiliency for American supply chains, and reduce incentives to migrate.”
“We need to prioritize partnerships in the Western Hemisphere to improve trade, bring manufacturing back to our shores, and compete with China,” said Cassidy. “This discussion draft is about leveling the playing field between freedom-loving democracies and those who exploit the rules.”
The Americas Act discussion draft would:
1. Re-shore and near-shore manufacturing to boost American industry and protect crucial supply chains.
2. Encourage American companies to bring manufacturing back from China with competitive tax incentives.
3. Improve energy security by investing in energy development in the hemisphere.
4. Establish de minimis reciprocity to close China’s trade loophole and protect American manufacturers.
5. Create a pathway to US-Mexico-Canada Agreement (USMCA) membership.
6. Create an expanding community of nations focused on improving hemispheric integration and prosperity called the “Americas Partnership”.
7. Establish an E-Governance System to administer all public and private interactions within the Americas Partnership to combat the “gray economies” and prevent corruption.
8. Establish an “Americans Investment Corporation” to address critical infrastructure needs, spur economic development across Latin America, and address the migration crisis through a supply-side response.
9. Strengthening cultural bonds and integration among populations.
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