From rhetoric to reality: Nearshoring in the Americas
Nearshoring in the Americas presents a strategic opportunity for the U.S. and Latin America to enhance economic ties, diversify supply chains, and counter China's influence, requiring collaborative efforts to improve infrastructure, legal frameworks, and workforce development.
(Generated with the help of GPT-4)
| Quick Facts | |
|---|---|
| Report location: | source PDF |
| Language: | English |
| Publication date: | September 17, 2024 |
| Publisher: | Atlantic Council |
| Authors: | Martin Cassinelli, Luz María De La Mora |
| Geographic focus: | Latin America And The Caribbean, United States |
Methods
The research method involved extensive consultations with experts, practitioners, and officials from the U.S. and Latin America, forming a Nearshoring Working Group. The report synthesizes qualitative insights to identify actionable policies and opportunities for enhancing nearshoring in the region.
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Key Insights
The report discusses the potential of nearshoring in the Americas, emphasizing its importance for U.S. economic interests and regional partnerships. It highlights how recent global events, such as U.S.-China tensions and the COVID-19 pandemic, have exposed vulnerabilities in supply chains, making nearshoring a timely solution. Latin America and the Caribbean (LAC) are well-positioned to support U.S. companies through nearshoring due to their geographic proximity, existing trade agreements, and abundant resources. The report outlines ten actionable opportunities to enhance nearshoring, categorized into improving domestic “pull” factors, unlocking U.S. “push” factors, and enhancing public-private collaboration. Key recommendations include modernizing infrastructure, improving energy reliability, and fostering workforce development. The report aims to provide a policy toolbox for governments and businesses to facilitate nearshoring, ultimately promoting inclusive economic growth in the region while reducing reliance on China.
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Additional Viewpoints
Categories: 2024 publication year | English publication language | Latin America And The Caribbean geographic scope | United States geographic scope | economic growth | energy reliability | infrastructure | investment promotion | legal frameworks | nearshoring | public-private collaboration | supply chains | trade agreements | workforce development