President Joe Biden challenged business leaders to join with Western Hemisphere nations to prepare the global economy for the coming decades by investing in supply chains, clean energy, and the “digital future” as working sessions at the Summit of the Americas got underway in downtown Los Angeles on Thursday.
Biden said the “future economy” will be determined by decisions taken today at the CEO Summit of the Americas, which was held at the Intercontinental Hotel.
“The economy of the future will increasingly belong to those who value resilience and reliability, who invest for the long term and strengthen supply chains now to mitigate the impact of future shocks before they occur,” Biden said at the event, which was co-hosted by the US Chamber of Commerce and held in conjunction with the Summit of the Americas convention of Western Hemisphere political leaders.
“Each of us has an important role to play,” Biden added, referring to both the government and the private sector. “That’s why I’m concentrating on promoting economic policies that expand our economy from the bottom up and middle out.” Because, to tell you the truth, when that works, everyone benefits.”
Governments attending the Summit of the Americas will make promises to create “sustainable and equitable growth” across the continent, Biden told the business leaders. Improving supply chains, developing of a “common foundation for our digital future,” climate change action, quickening the transition to sustainable energy, tackling food shortages, and managing “safe and orderly migration” are among the decisions he stated will be made.
“My challenge to all of you is that if you take a stronger role in creating inclusive, sustainable, and fair growth in the twenty-first century, a lot will happen,” he remarked. “Can you do anything else to help mould our future?”
“If you invest in more secure and resilient supply chains, you’ll lower your expenses, become more competitive, and enhance your bottom line,” he said.
Biden spoke during the summit’s opening plenary at the Convention Center a little while afterwards. He also met with Justin Trudeau, the Prime Minister of Canada, to discuss how the two countries might work together on topics including economic development, the COVID-19 pandemic, immigration, and food security.
“We have no better friend in the whole globe than Canada,” Biden told Trudeau during their meeting. That isn’t an exaggeration. This is true. You’re also an excellent personal buddy.”
Biden also paid a visit to Vice President Kamala Harris’s meeting with Caribbean leaders. The discussion centred on strengthening the US-Caribbean alliance, with Harris announcing a new partnership to combat the climate issue.
“Through this collaboration, we will support energy infrastructure and climate resilience projects at every step of development, from start to finish,” Harris added.
Biden also met with Brazilian President Jair Bolsonaro on Thursday, who was initially hesitant to recognise Biden’s victory because he was a supporter of former President Donald Trump.
At the start of the discussion, Biden expressed his admiration for Brazil, adding that he had visited the country twice, including during the 2014 World Cup.
He praised Brazil’s efforts to safeguard the Amazon, calling it a “beautiful environment.”
Bolsonaro went on to claim that the two countries “share a lot of ideas,” including a love of freedom and democracy. He stated that the country has “a strong desire to get closer to the United States.”
Biden and his wife, Jill, will host a dinner at the Getty Villa on Thursday night for heads of state and government and their spouses.
On Wednesday, Biden, Harris, and local officials formally began the ninth Summit of the Americas, calling it an opportunity to strengthen economies throughout the Western Hemisphere and create a “prosperous and inclusive future.”
“California is a place where hopes and goals come true,” Harris said to the audience. “As a result, we’re all here in Los Angeles this week for the Summit of the Americas with huge objectives — ambitions that began 28 years ago in Miami at the first-ever Summit of the Americas, when our nations set the Western Hemisphere on a new course.” A strategy for boosting our economies and improving people’s lives.
“And we’ve made progress together on this route, which I believe is crucial for so many of us.”
At the Convention Center, the summit will continue through Friday.
The Summit Implementation Review Group’s Ministerial Meeting, chaired by Secretary of State Antony Blinken, formally kicked off events on Wednesday.
“This is an opportunity for us to come together as a hemisphere to tackle some of the top concerns of the people in the region, including obtaining and maintaining economic prosperity, climate change, the migration crisis, and the COVID-19 pandemic,” a senior administration official told reporters this week.
The meeting will see the introduction of five formal documents, “showing an ambitious hemispheric consensus on everything from civil society support to increasing digital connection,” according to an official.
According to an administration official, Biden announced the “Americas Partnership for Economic Prosperity” during Wednesday’s opening ceremony, a five-pronged effort to bolster regional economies by building on free-trade agreements and addressing “inequality and lack of economic opportunity and equity.”
Improvements in global supply chains, the creation of clean-energy jobs, and attempts to promote “sustainable and inclusive commerce” are among the goals of the alliance.
Biden will also unveil more than $300 million in regional support to battle food insecurity, as well as health efforts to prepare for future pandemics and climate cooperation with the Caribbean community.
Biden will deliver a speech on Friday at the Battleship Iowa in the Port of Los Angeles. He’ll also hold a “leaders retreat” and a luncheon with delegates from the summit. On Friday, Biden and other leaders will sign the “Los Angeles Declaration on Migration,” which a White House official described as a “comprehensive” approach to resolving the situation.
Despite Mexican President Andres Manuel Lopez Obrador’s decision not to attend the summit, the proclamation is expected to be signed by several countries.
In response to the Biden administration’s refusal to invite Cuba, Nicaragua, and Venezuela to the summit, he withdrew from it. Mexico, on the other hand, will be there.
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The three countries’ omission has raised issues about the event’s general credibility, and detractors have become more vocal. Opponents of the event’s tone are convening their own gathering at Los Angeles Trade-Technical College, dubbed the People’s Summit for Democracy.
The Summit of the Americas “has long been an arena to push U.S. economic and political interests in Latin America and the Caribbean, without consideration for the people of our shared continent,” according to the event’s organisers.
