WASHINGTON, USA — A top United States official says that strong economic relationships with the Caribbean and Latin America are "a strategic necessity".
Deputy Secretary for Management and Resources at the State Department Thomas Nides told the Chamber of Commerce that "sustainable, inclusive economic growth in Latin America and the Caribbean will benefit all of us".
He underscored three things which he said would enhance this relationship, namely opportunity; seizing the opportunity; and inclusive, sustainable growth.
Nides said while the consensus supporting democracy and universal rights in the region "has never been stronger", there are "plenty of challenges", including transnational crime, "backsliding democracies", continuing inequality and poverty, and inadequate education.
"Our policies must continue to address each of them," said Nides, noting at the same time, that out of nearly 600 million people living in the region, 56 million households have joined the ranks of the middle class over just the last 15 years.
"And, if current trends continue, the region's per capita income will double by 2025. That's remarkable," he added.
"We believe in the power of proximity. Geography matters. Forty-three per cent of all US exports stay in this hemisphere," he said, noting that the United States exports more than three times as much to the region as it does to China.
Nides said this means that each dollar of growth in the region "creates greater opportunities" for the US.
"And so the question is not whether this hemisphere matters to our economic future, it does — but how can we make sure it creates jobs in the United States; and how can we sustain and broaden the economic progress unfolding in the Americas?" he asked.
The top State Department official said seizing this opportunity starts with trade.
He said in the 16 years since he left US Trade Representative's Office, the region's economy has "changed substantially" and that in the past, America sent manufactured goods to the region, and purchased commodities.
Today, he said, the US is "making things together that create jobs for both of us."
Nides noted that US President Barack Obama has made it a priority "across the whole of government" to double America's exports in five years, stating that Washington has a "unique role to play as the largest economy" in the hemisphere.
He said while it is true that the US is not the only major investor in the region, it is "in a better position than any other power to engage with the region and seize future opportunities together."
Nides also said as the US promotes the efforts of American businesses across Latin America and the Caribbean, it also have to "take the long view.
"The people of this hemisphere are not just our neighbours - they are future customers and trading partners.
"They are the building blocks for stable, successful societies that can work with us to solve global problems - not to mention regional challenges like crime with violence that spills into the cities of the United States," he stressed.
Nides lamented, however, that, while growth in the region has lifted tens of millions into the middle class, there are still many groups left behind, especially indigenous peoples, women, and isolated rural communities.
He said the US is, therefore, partnering with governments, businesses, and other institutions to "break down barriers to social mobility" in the region.
"Across the region, we are pursuing new venues and partnerships to advance our shared goals - from trade deals to police training to clean energy partnerships," he said, pointing out that one important test will be the Summit of the Americas to be held in Cartagena next year.
Source: www.jamaicaobserver.com
Deputy Secretary for Management and Resources at the State Department Thomas Nides told the Chamber of Commerce that "sustainable, inclusive economic growth in Latin America and the Caribbean will benefit all of us".
He underscored three things which he said would enhance this relationship, namely opportunity; seizing the opportunity; and inclusive, sustainable growth.
Nides said while the consensus supporting democracy and universal rights in the region "has never been stronger", there are "plenty of challenges", including transnational crime, "backsliding democracies", continuing inequality and poverty, and inadequate education.
"Our policies must continue to address each of them," said Nides, noting at the same time, that out of nearly 600 million people living in the region, 56 million households have joined the ranks of the middle class over just the last 15 years.
"And, if current trends continue, the region's per capita income will double by 2025. That's remarkable," he added.
"We believe in the power of proximity. Geography matters. Forty-three per cent of all US exports stay in this hemisphere," he said, noting that the United States exports more than three times as much to the region as it does to China.
Nides said this means that each dollar of growth in the region "creates greater opportunities" for the US.
"And so the question is not whether this hemisphere matters to our economic future, it does — but how can we make sure it creates jobs in the United States; and how can we sustain and broaden the economic progress unfolding in the Americas?" he asked.
The top State Department official said seizing this opportunity starts with trade.
He said in the 16 years since he left US Trade Representative's Office, the region's economy has "changed substantially" and that in the past, America sent manufactured goods to the region, and purchased commodities.
Today, he said, the US is "making things together that create jobs for both of us."
Nides noted that US President Barack Obama has made it a priority "across the whole of government" to double America's exports in five years, stating that Washington has a "unique role to play as the largest economy" in the hemisphere.
He said while it is true that the US is not the only major investor in the region, it is "in a better position than any other power to engage with the region and seize future opportunities together."
Nides also said as the US promotes the efforts of American businesses across Latin America and the Caribbean, it also have to "take the long view.
"The people of this hemisphere are not just our neighbours - they are future customers and trading partners.
"They are the building blocks for stable, successful societies that can work with us to solve global problems - not to mention regional challenges like crime with violence that spills into the cities of the United States," he stressed.
Nides lamented, however, that, while growth in the region has lifted tens of millions into the middle class, there are still many groups left behind, especially indigenous peoples, women, and isolated rural communities.
He said the US is, therefore, partnering with governments, businesses, and other institutions to "break down barriers to social mobility" in the region.
"Across the region, we are pursuing new venues and partnerships to advance our shared goals - from trade deals to police training to clean energy partnerships," he said, pointing out that one important test will be the Summit of the Americas to be held in Cartagena next year.
Source: www.jamaicaobserver.com
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