The disappearance of APEP will be one of the next measures to be announced by U.S. President Donald Trump.
Inaugurated in 2022, the APEP (Economic Prosperity Partnership of the Americas) has the following objectives:
- Promote inclusive growth.
- Increase regional competitiveness.
- Revitalize regional economic institutions.
- Strengthen supply chains.
Disappearance of the APEP
This Alliance is a regional cooperation framework founded in 2022 by Barbados, Canada, Chile, Costa Rica, Colombia, Dominican Republic, Ecuador, Mexico, Panama, Peru, United States and Uruguay.
Mauricio Claver-Carone, the State Department’s special envoy for Latin America, informed World Trade Online that Trump plans the demise of APEP.
Claver-Carone said that “there is nothing that can continue with APEP, as it was a series of endless dialogues without concrete measures.”
Humanitarian assistance
To address the economic impact of the pandemic, then U.S. President Joe Biden launched the Economic Prosperity Partnership of the Americas. This alliance aims to work with partners in the region to revitalize the Inter-American Development Bank, as well as other economic organizations. In this way, it seeks to mobilize greater investment and establish more resilient supply chains.
The plan also prioritizes improving economic and social inclusion. It will also facilitate regional trade and promote compliance with labor and environmental standards. In this context, Biden announced an additional commitment: US$331 million in humanitarian assistance for the region. Finally, Biden reaffirmed his commitment to work with major agricultural producers to maximize the food supply in the Americas.
The Alliance of the Americas for Economic Prosperity was created to promote economic integration, reduce inequality and strengthen democracy in the region. The 12 founding countries represent 90% of the hemisphere’s GDP and two-thirds of its population. These countries are committed to promoting inclusive and sustainable prosperity for all.
The Alliance focuses on improving regional competitiveness. In addition, it seeks to deliver tangible benefits to its members. With this approach, the Alliance aspires to be a lasting forum. In this way, it aims to collectively address the most pressing issues facing the region.