Advocacy for trade with the Americas
The Association of American Chambers of Commerce in Latin America and the Caribbean (AACCLA) of the United States Chamber of Commerce has published a series of country sheetsincluding details on major exports of goods and services, major imports, foreign direct investment figures and, most importantly, trade-supported jobs.
Why is it important: These country profiles highlight the importance and impact of trade between the United States and countries in Latin America and the Caribbean.
Merchandise trade rebounded from the disruptions of the COVID-19 pandemic in 2020. U.S. exports of information, communications, and technology services to Central and South America reached $9.3 billion in 2020, according to a recent US Chamber study on digital commerce.
The United States and countries in the region have an opportunity to build on our economic ties to drive sustainable growth and emerge from the pandemic as a more integrated and competitive economy. As a result of the pandemic, already more than 40% of US exports are destined for markets in the Western Hemisphere.
There is an opportunity to increase trade by leveraging and expanding the network of existing agreements the United States has with 12 of the 20 countries in the Western Hemisphere.
Countries in the Western Hemisphere contribute to shared economic prosperity:
Jobs are an indicator of the benefits of trade and investment. The fact sheets point out that US exports of goods and services to countries in the AACCLA network support more than 3.4 million US jobs. Similarly, majority-owned subsidiaries of US multinationals employed nearly 2.8 million workers in these markets. This shared economic prosperity can only continue to grow if we further strengthen economic and trade ties across the Americas.
This is particularly relevant at a time when countries in Latin America and the Caribbean have increasing opportunities to capture a greater share of global supply chains – which experts say could add $78 billion in annual exports from Latin America and the Caribbean. Efforts to build supply chain resilience are also at the center of cooperation with the Alliance for Development in Democracy (ADD), made up of Costa, Rica, Dominican Republic, Panama and, more recently from Ecuador.
To build on data from the Country Fact Sheets, the U.S. Chamber is currently undertaking an assessment of hemispheric supply chains that will include a survey of business decision makers and collaborate with AmChams and governments to assess new investment opportunities in the Americas.
Role of the private sector:
Through AACCLA, the U.S. Chamber and AmChams are leading efforts to deepen partnerships and cooperation to ensure the benefits of free trade and open investment are shared widely by all. in the western hemisphere. AACCLA will continue to draw on the data and insights from this series of country-specific fact sheets to highlight the positive impact of trade between the United States and countries in the hemisphere and to advocate for a further economic integration.
The Association of American Chambers of Commerce in Latin America and the Caribbean (AACCLA) is a unique advocacy network that brings together AmChams and the U.S. Chamber to promote trade and investment between the United States and countries of the region. Through its 23 member AmChams, the AACCLA network represents more than 20,000 companies and more than 80% of American investments in the region.
About the authors
Associate Director, Americas