WASHINGTON – Today, U.S. Senator Bob Menendez (D-N.J.), Chairman of the Senate Foreign Relations Committee, along with Senators Todd Young (R-Ind.), Tim Kaine (D-Va.), Bill Hagerty (R-Tenn.), and Chris Coons (D-Del.), reintroduced a Senate resolution calling for greater support for nearshoring and reshoring initiatives to relocate global supply chains to the United States and partner countries in the Western Hemisphere. The resolution reflects the unique opportunity for the United States to work alongside our neighbors to increase supply chain resiliency and security, and contribute to the post-pandemic economic recovery of Latin America and the Caribbean.
The resolution also expresses support for U.S. coordination with the Inter-American Development Bank, regional governments, and the private sector, to attract foreign direct investment to the Western Hemisphere and facilitate regional economic integration. It also calls for efforts to address ongoing barriers to nearshoring in Latin America and the Caribbean, including underdeveloped physical and digital infrastructure, concerns about the rule of law in several countries, and the need for greater compliance with international labor and environmental standards.
“The United States shares strong cultural, economic, and democratic ties with our Latin American and Caribbean neighbors, making them ideal partners as we work to create more diverse, resilient, and secure supply chains outside of the PRC,” said Chairman Menendez. “I am proud to be joined by my colleagues in reintroducing this bipartisan resolution to deepen economic relations with Latin America and the Caribbean, and strengthen our economic partners’ participation in global supply chains. I remain deeply committed to advancing U.S. economic diplomacy by bolstering reshoring and nearshoring initiatives in partnership with regional democratic governments and the Inter-American Development Bank, and look forward to passing our resolution on the Senate floor.”
“China, Russia, and COVID have demonstrated only too well the significant threats facing our global supply chains. Partnering with allies in our own hemisphere and here at home to build the economy of the future reduces these risks and bolsters our national security,” said Senator Young.
“As the Chair of the Senate Foreign Relations Subcommittee on the Western Hemisphere, one of my top priorities is reorienting our foreign policy and global economic strategy to work along a North-South—not just East-West—axis,” said Senator Kaine. “The United States and our partners throughout the Western Hemisphere have so much to offer, and I’m proud to be introducing this resolution to reaffirm the importance of strengthening initiatives to relocate supply chains and businesses to our side of the prime meridian. That reorientation is the right thing to do for our national security, economy, and partnerships with our neighbors.”
“Nearshoring is a strategic means for us to counter the PRC’s growing economic influence and to safeguard national security interests,” said Senator Hagerty. “By bringing production closer to home, the United States can reduce its dependency on Chinese suppliers, which will help mitigate the risks of intellectual property theft, supply chain disruptions, and economic coercion. I am pleased to support this bipartisan effort.”
“Strengthening economic ties between the United States and our partners in Latin America and the Caribbean promotes regional strength, security and prosperity,” Senator Coons said. “This resolution reflects a bipartisan commitment to these partnerships and a shared belief in the importance of increasing investment throughout the Western Hemisphere.”
A copy of the resolution is available HERE.
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