Biden’s meeting with Latin American leaders reflects the desire to strengthen trade relationsUS President Joe Biden is trying to increase trade with Latin America, meeting with his counterparts from the Dominican Republic and Chile, the Chilean newspaper “El Tiempo” reported.
Biden told Chilean President Gabriel boric font: “there is actually no reason why this hemisphere should not be the most prosperous democratic hemisphere in the world,” and”we have everything for that.”
Biden will welcome leaders from all over the Western Hemisphere on Friday to attend the first leaders summit of the Alliance for economic prosperity of the Americas, the event was announced last year at the summit of the Americas in Los Angeles, where Biden prioritized expanding U.S. alliances to face competitors such as China and competitors such as Russia.
Treasury Secretary Janet Yellen outlined the Biden administration’s goals in a speech at the Inter-American Development Bank (IDB), and the United States wants to diversify supply chains with “reliable partners and allies”, a strategy that she said has “enormous potential benefits to drive growth in Latin America and the Caribbean”.
Latin American companies “will have increasing opportunities to lead in new areas of clean energy, for example, helping to create vertical supply chains using locally extracted lithium in the production of domestic batteries,”Yellen said.
“Pharmaceutical and medical equipment companies can grow and innovate to meet the growing demand,” Yellen added, and skilled workers can produce the necessary automotive integrated circuits for electric vehicles.
