This resolution recognizes that the COVID-19 pandemic and increased tensions between the United States and China have exposed vulnerabilities due to overreliance by the United States and other countries on supply chains based in China.
The resolution emphasizes that nearshoring in Latin America and the Caribbean has the potential to contribute to the economic security of the United States while advancing the post-pandemic economic recovery of countries in the Western Hemisphere. Nearshoring is the practice of moving a business or supplier to a nearby country, as opposed to a more distant one.
The resolution encourages the U.S. Agency for International Development and the U.S. International Development Finance Corporation to support initiatives likely to relocate global supply chains to the Western Hemisphere.
The resolution also calls for governments in Latin America and the Caribbean to increase opportunities for nearshoring in the region.
Finally, the resolution urges the Department of State to prioritize efforts to advance nearshoring in Latin America and the Caribbean.
