Bipartisan legislation sparks economic transformation and global partnerships
November 16, 2024 | US Department of State
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In a recent government meeting, officials highlighted significant advancements in international cooperation and economic initiatives aimed at enhancing global partnerships and bolstering the U.S. economy. The discussions underscored bipartisan support for landmark legislation focused on upgrading infrastructure, revitalizing manufacturing, and leading the global energy transition.
Key initiatives include the Indo-Pacific Economic Framework, which unites 14 countries representing approximately 40% of the world's GDP to strengthen supply chains and promote clean energy. The meeting also emphasized the importance of women's economic participation, with estimates suggesting that achieving equal workforce participation could add $28 trillion to the global GDP.
In the Western Hemisphere, the America's Partnership for Economic Prosperity aims to deepen economic integration and address inequality, with participation from a dozen nations, including Peru. This initiative is designed to attract more countries in the future.
Investment in sustainable infrastructure was another focal point, with a commitment to unlock $600 billion in private capital for high-quality projects. A notable example is the Luzon Economic Corridor, a collaboration between the U.S., Philippines, and Japan to enhance transportation links across the Philippines.
The meeting also addressed advancements in technology, particularly in semiconductors and clean energy, facilitated by the Bipartisan Chips in Science Act. This act supports global partners in developing semiconductor capabilities and aims to expand digital access across the Pacific Islands through undersea cable installations.
The economic ties between the U.S. and APEC economies were highlighted, with American businesses investing over $1.4 trillion in APEC nations, making the U.S. the largest source of foreign direct investment in the region. This investment has created approximately 2.3 million American jobs, reflecting a growing trend of mutual economic benefit.
Overall, the meeting showcased a commitment to fostering international collaboration and economic growth, with a focus on sustainable development and equitable participation in the global economy.
Key initiatives include the Indo-Pacific Economic Framework, which unites 14 countries representing approximately 40% of the world's GDP to strengthen supply chains and promote clean energy. The meeting also emphasized the importance of women's economic participation, with estimates suggesting that achieving equal workforce participation could add $28 trillion to the global GDP.
In the Western Hemisphere, the America's Partnership for Economic Prosperity aims to deepen economic integration and address inequality, with participation from a dozen nations, including Peru. This initiative is designed to attract more countries in the future.
Investment in sustainable infrastructure was another focal point, with a commitment to unlock $600 billion in private capital for high-quality projects. A notable example is the Luzon Economic Corridor, a collaboration between the U.S., Philippines, and Japan to enhance transportation links across the Philippines.
The meeting also addressed advancements in technology, particularly in semiconductors and clean energy, facilitated by the Bipartisan Chips in Science Act. This act supports global partners in developing semiconductor capabilities and aims to expand digital access across the Pacific Islands through undersea cable installations.
The economic ties between the U.S. and APEC economies were highlighted, with American businesses investing over $1.4 trillion in APEC nations, making the U.S. the largest source of foreign direct investment in the region. This investment has created approximately 2.3 million American jobs, reflecting a growing trend of mutual economic benefit.
Overall, the meeting showcased a commitment to fostering international collaboration and economic growth, with a focus on sustainable development and equitable participation in the global economy.
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