WASHINGTON.- With the objective of promoting and encouraging the trade association between the countries of the Western Hemisphere and counter China’s commercial and geopolitical advance in the region, a bipartisan group of US legislators presented the Bill of the Americas.
The representatives Maria Elvira SalazarRepublican of Florida; Adriano Espaillat, Democrat of New York; and the senators Bill Cassidy, Republican of Louisiana; and Michael BennetDemocrat of Colorado, presented the legal initiative that seeks to unite “the democracies of our Hemisphere through trade, investment and a shared commitment to free enterprise,” the legislators say in a press release.
“It is time for us to 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 Representative Salazar, adding that the project “will create opportunities “world-class trade and jobs in Miami, will help our allies in Latin America, build resilience for U.S. supply chains, and combat China’s influence.”
Loans
The law will offer US partners in Latin America to join the Free Trade Agreement with the United States, Canada and Mexico, under the commitment to “reduce corruption, respect the rule of law, support democracy and human rights.”
Through the Law of the Americas, it is expected to provide 60 billion dollars in loans and 10 billion dollars in tax incentives with the aim of American companies returning their operations to the United States.
In a press conference, according to Salazar, American taxpayers will not be impacted by this law, since the projects that arise from it will be paid for by closing the tariff loopholes that China has used.
The congresswoman pointed out that in the last 25 years, Chinese trade in Latin America increased by 3,000% and that it has become the most important trading partner in South America. Furthermore, she highlighted that China “gives economic oxygen to Cuba, Venezuela and Nicaragua.”
For years, China has been seeking to expand its influence in Latin America and to achieve this it has used trade agreements, investments in infrastructure and the extraction of minerals.
The threat
Analysts have asserted that China has carried out a penetration strategy in Latin America, but that its influence varies depending on the country and the resources it needs for its manufacturing sector.
This set off alarm bells in the US for years, which sees it as a threat to its interests in the region, considered its area of geopolitical influence.
Senator Cassidy pointed out that it is necessary put the focus on the Western Hemisphere so that manufacturing returns to the US “and put an end to China’s growing influence.” He indicated that the Law of the Americas will make the hemisphere’s economies “more resilient” and governments will be “more stable.”
For his part, Senator Bennet stated that The US has “failed to offer” the region “a convincing economic alternative to China’s growing influence.” In that sense, he argued that the Americas Bill “creates an opportunity for the United States to renew our partnerships in Latin America and the Caribbean, strengthen the rule of law, deepen economic prosperity, and embrace our values in a shared fight for democracy”.
Meanwhile, Representative Espaillat considered that “the Law of the Americas is a multi-million dollar job creation tool for the United States and its allies in Latin America and the Caribbean.”
“With its relocation and near-offshoring loans, tax benefits, and other targeted subsidies for workers at home and in our partner countries in the Western Hemisphere, the Americas Act will return jobs and investments to our hemisphere and curb the root causes of migration to the put more money in the pockets of working families,” he said.
Espaillat added that the Law of the Americas will strengthen two of the largest and most important export industries for US trading partners in the Western Hemisphere.
“The Law of the Americas represents the most transformative piece of legislation for the benefit of the Western Hemisphere in two decades,” he noted.
Rep. Mike Gallagher, chairman of the House Select Committee on the Chinese Communist Party, also joined the bill as a co-sponsor.
“If our dependence on Chinese manufacturing and our lack of sufficient domestic and allied production are not adequately addressed, our supply chain will remain at risk of manipulation by the CCP, putting Americans at risk,” said Congressman Gallagher.
He explained that: “We must encourage key industries to begin diversifying their supply chains. Because if we find ourselves in a confrontation with China over Taiwan, American consumers are going to absorb a lot of pain; all the more reason we must be smart about it from the principle”.
Opportunity for Miami
Miami is at the center of international trade between the United States and Latin America. More than 70% of Florida’s exports go to Latin America.
According to its creators, The Law of the Americas will expand economic opportunities for Miami by unlocking the potential of trade with US allies in the Latin American region. “Strong business relationships marked by a shared respect for democracy, human rights and the rule of law will ensure that Miami remains a beacon of American freedom and prosperity,” said a press release from Representative Salazar.
Source: EDITORIAL / With information from martinoticias.com
