Canada has joined the US and 10 other countries in launching the Americas Partnership for Economic Prosperity (APEP).

Led by the US, APEP is a new framework for cooperation across the Americas aiming to deliver economic growth in the region, generate good middle-class jobs and reduce economic inequality.

APEP will focus on inclusive trade, multilateral investment and anti-corruption measures with the goal of strengthening the diversity, sustainability, and resilience of the region’s supply chains by expanding trade ties, especially those related to the flow of critical minerals, food, clean energy, and vaccines.

The partnership will help integrate member country economies in a way that encourages human rights, economic development and transparent governance and eradicates forced labour.

“APEP is an excellent opportunity for democracies in the hemisphere to work together to advance our mutual interests and enhance regional prosperity. Together, we can help our economies become more inclusive, more sustainable and better able to serve the collective interests of our people, create jobs and protect the environment, “ said Mélanie Joly, Minister of Foreign Affairs.

“Canada recognizes the importance of APEP to reinforce inclusive growth, sustainable development, and the creation of good jobs in the region. We support APEP’s aim to complement free trade agreements in the region through strengthening supply chain resilience, inclusive trade, multilateral investment and anti-corruption measures,” said Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development.

Quick Facts

  • The creation of APEP was announced by US President Joe Biden in June 2022 on the margins of the Summit of the Americas.
  • The initial members of APEP are Barbados, Canada, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Mexico, Panama, Peru, the United States and Uruguay.
  • President Biden has indicated that the APEP could see further expansion to countries such as Brazil and Argentina.
  • All member countries of APEP signed the Joint Declaration on the Americas Partnership for Economic Prosperity.

According to a Fact Sheet published by the White House, the APEP will focus on:

  • Driving regional competitiveness and building the proper foundation for sustainable, dynamic economic growth and greater investment, including customs procedures, trade facilitation, logistics, good regulatory practices, and non-tariff barriers.
  • Leveraging geographic proximity and deep trade ties to strengthen the sustainability and resilience of regional supply chains and grow our small and medium businesses, while protecting workers and the environment.
  • Ensuring that all can benefit from shared prosperity in a dynamic economy, including investments in workforce development, labor standards, safety, equity, and promotion of quality jobs; expanding financial inclusion; and improving public services while addressing corruption, tax evasion, and other issues that affect the ability to deliver.
  • Working together to bring responsible private investment to regions in order to drive inclusive and sustainable investment.

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