The U.S. Chamber of Commerce’s Association of American Chambers of Commerce in Latin America and the Caribbean (AACCLA) released a series of country fact sheets, including details on top goods and services exports, top imports, foreign direct investment figures, and most importantly, jobs supported by trade.
Why it matters: These country fact sheets highlight the importance and impact of trade between the U.S. and the countries of Latin America and the Caribbean.
Trade in goods has rebounded following 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 U.S. Chamber study on digital trade.
The U.S. and the countries of 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. Following the pandemic, already more than 40% of U.S. exports are destined to markets in the Western Hemisphere.
There is room for increased trade by leveraging and expanding the network of existing agreements the U.S. has with 12 of the 20 countries in the western hemisphere.
Western hemisphere countries contribute to shared economic prosperity:
Jobs are one indicator of the benefits of trade and investment. The fact sheets highlight that U.S. goods and services exports to the countries in the AACCLA network support over 3.4 million jobs in the United States. Similarly, majority-owned affiliates of U.S. multinationals employed nearly 2.8 million workers in these markets. This shared economic prosperity can only continue to grow if we further increase the economic and commercial linkages across the Americas.
This is especially relevant at a time when there are increased opportunities for Latin American and Caribbean nations to capture a wider share of global supply chains – which experts estimate could add an annual $78 billion dollars in exports from Latin America and the Caribbean. Efforts to strengthen supply chain resilience are also the focus of cooperation with the Alliance for Development in Democracy (ADD), composed of Costa, Rica, the Dominican Republic, Panama, and most recently, Ecuador.
To build on the data from the country factsheets, the U.S. Chamber is currently undertaking an assessment of hemispheric supply chains that will include a survey of corporate decisionmakers and collaborate with AmChams and governments to assess new opportunities for investment in the Americas.
Role of the private sector:
Through AACCLA, the U.S. Chamber and AmChams lead efforts to deepen partnerships and cooperation to ensure that the benefits of free trade and open investment are broadly shared by all in the Western Hemisphere. AACCLA will continue to build on the data and insights from this series of country-specific fact sheets highlight the positive impact of trade between the U.S. and the countries of the hemisphere and advocate for even 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 the countries of the region. Through its 23 member AmChams, the AACCLA network represents more than 20,000 companies and over 80% of U.S. investment in the region.