After his ring and miami former President Donald Trump will be speaking in bedminster, new jersey, tonight to watch live coverage from the Trump National golf club at 8 15 p. M. Eastern on the cspan networks including cspan now are free mobile video app and online at cspan. Org. Senators Michael Kennedy and bill kennedy talked about the americas act propose legislation that aims to bring supply chains back to the United States. Lawmakers from costa rica, guatemala and panama also make remarks during the discussion hosted by the Atlantic Council. Good afternoon. Welcome. Did a special event on the public and private sector supply communication to reality. [inaudible] joining us in studio, Teresa Carlson, and other distinguished speakers. I also want to start by giving a warm welcome to those watching as both in studio today as well as watching on the cspan network as well as via a key tv on her multiple social media gems. Today we mark the official launch of a new focus on nearshoring here at the event a couple. In the coming months we will assemble a nonpartisan hemispheric group of practitioners to advance of this work with an initial focus on Central America and mexico. We think to make good friends of lead counsel for the support, telecom is app Founding Member f the working group and a longtime supporter of our past work on trade and supply chains. A bit of context. Why are wee to talk about nearshoring . Why is it important and why must we avoid delay . For one, Global Supply chains had been severely tested by a myriad of shocks in the past years between pandemic driven delays, high transportation costs and, of course, geopolitical tensions. As companies groww increasingly wary of the risks of our resilience on for fun supply chain sourcing, what americans graving of the potential to become a a major destination r supply chain relocation, thus minimizing the risks to u. S. Economic interests. As well the regions strategic location a close ties to the u. S. Present an opportunity for businesses to reduce expenditures of both time and money and the distance of streamlining production and expanding market potential. Its in the interest of the u. S. And the americas estimates and in american dolan bank show nearshoring could add an annual 78 billion in additional exports of goods and services in latin america and the caribbean. But while nearshore presents a major opportunity, translating it from frederick into really has proven more challenging than expected, and that must be addressed. So far Success Stories like the likes of the new tesla factory in mexico appear to be more of an exception than the norm. So whats part of the solution . We believe these three sets of conditions must be in place for nearshoring to materialize and sustained. Er first we need to think about International Push factors and domestic pull factors. Of the International Push aside factors such as a pandemic of russias invasion of ukraine, growing environment social and government requirements and u. S. Policy efforts can push supply chains toward latin america and the caribbean. But we also need to domestic factors. County children has domestic economic competitiveness include macroeconomic stability and regulatory Legal Certainty and better physical as well as Digital Infrastructure, Education Skills and his productivity innovation. In short we need the right mix of local and external conditions. Second, the public and private sectors most mustt be on boad as part of the discussion. Here, greater coronation between u. S. Government including congress and the business commits can ensure u. S. Policy action serves to provide the right catalyst for investments. And greater private sector can in turn boost productivity and prosperity. Nearshore needs make business sense for the private sector. Third we need a combined shortterm result with longterm vision. Nearshoring must have a minimal level of consensus and continuity across political cycles and, of course, be a nonpartisan issue is that evident thankfully today by the joint participation of senators cassidy and bennett in this discussion. Atlantic council were Bridge Builders and we are uniquely positioned to capitalize each set of factors and synergize them. Through this approach are forthcoming new joint working group aims to answer the following questions and look at this afternoon which sectors are right for productive relocation for the americas catoctin countries to get finished of opportunities what are key factors that make companies rethink their dependence on traditional overseas locations like china and pulled them towards the americas . Also what policy changes the regional governments and the use implement to capitalize and senators push and pull factors . With all that im absolutely auditor senator bill cassidy and senator Michael Bennet join us virtually for their first conversation as cosponsors of the bipartisan americas act which calls for among other things to create an overarching foreign and Economic Policy toward countries in the western hemisphere. Senators cassidy and bennet are here for greater conversation on this bill and importance of this bill. Notably this bill includes provisions in encouraging businesses to be short or nearshore from china to the u. S. And other western hemispheric countries and urge governments to work with are used to contain the advancement of china in hemisphere. Nt senator cassidy is a senior u. S. Senator from louisiana. Is a member of the Republican Party answer this senator from 2015, to the capital originally as a member of the house after his 2008 election. Hes a hes a doctor by training including and served come multiple committeeen assignments on the finance committee, the Ranking Member of the health, education, labor and pensions committee, serving on the environment and Natural Resources committee and also thc Veterans Affairs committee. Senator bennet is a senior u. S. Senator from colorado. He has held since 2009. A member of the Democratic Party previous six principles work inc the private sector and also serving as superintendent of Denver Public schools. A member of the finance committee as well where he chairs the subcommittee on taxation irs oversight also on the select committee on intelligence and agriculture, nutrition and forestry committee. With that, absolutely delighted to have you here with us this afternoon. Let me begin with you, starting with the biggern. Picture questn senator cassidy i will will start withth you. Whats your vision guided the americas act . Whats the highlevel policy outcomes you hopee to achieve through this legislation . Ill start off with a high level and go to little bit lower but still life. Fantastic i think its been since john f. Kennedy that the United States has had a coherent policy towards the western hemisphere. We really suffered by that and we i mean the entire western hemisphere. And parties change in terms of the white house and so somebody start something at the next four years the changes to Something Else in the next four years of changes to Something Else, but more often it has been neglect. Now we have western hemisphere which is of lots of problems, Economic Growth stalled, government thing somewhat unstable and in the United Statess we see literally millis of people attempting to cross our southern border without, irregular migration, illegal migration, whatever you want to talk aboutio it. So lets bring it down a little bit. If we think of michael and i and as if weve come up with his coherent policy that would encourage private investment in the western hemisphere, we shoring, nearshoring industries that currently in asia and as a benefit your privacy spoke about it also has the added the damage of creating prosperity, therefore ideally making government more stable, making economy more resilient, making it less likely that someone leaves the land in which they have spent generations in an attempt to go on a very dangerous journey in which many people die to come to the United States for an uncertain future. In the meantime, as the United States exports and we reimport, theres a virtual cycle of capitalism where everybodys economy improves, not just the other country but every country on either side of it, not just the United States but also, fill in the blink. And not just fill in the blank but also the United States. As we create that possibility which again is being driven by the private sector being driven by reshoring, we think theres barely a myriad of benefits. I can bring it on another level but i will stop and turn it over to michael. Thank you. Your vision for this legislation . Thank you. What a thank you and Atlantic Council and the other partners for having bill and me here today. I want to think everybody for tuning in. This is an incredibly important topic as we look to the future and it is i feel extremely gratefulda to share the stage wh my colleague senator bill cassidy who shown such leadership here. Across the western hemisphere we share deep bridge ties in an enormous opportunity for partnership, but as bill said, he said maybe its kennedy but certainly for decades, washington has failed to greet any comprehensive policy or offer a compelling alternative to Chinese Investment in the region. While we have been busy elsewhere, china has rushed to fill the void with a surge of trade, investment, and technology. We have already seen these relationships pose a longterm threat to local industries, minerals, and vibrant rule of law throughout the western hemisphere. I think the americas act offers an opportunity for the United States to renew our partnerships across latin america and thetu caribbean and embrace our values together in a shared struggle democracy and for prosperity. Prosperity. Our legislation would create a pathway to bring jobs and industries that weve exported across back to her hemisphere, endeavor i think we should prioritize especially following the supply chain disruptions that weze saw during the covid pandemic. The americas act would help see through our longterm goal to integrate trade and Economic Development through improved financing mechanisms, Development Finance corporation, expanding usmca. Help elevate critical labor environmental standards. I think that you use an example as an exception to i hope for example, coaster because longterm partnership with intel is a good example of how we can create jobs to secure our supply chains in hemisphere. We should should build on the progress and look for examples of other progress in which we can build it between latin americas abundance Critical Minerals and are abundant oil and natural gas, our hemisphee something needs to achieve energy independence. We are in in a position to sn example to the world of a a me integrated, secure and Resilient Energy infrastructure, and to lead. Nobody better situated that we are in hemisphere on those grounds. Finally fromom labor shortages d a family farms and ranches to american nursing homes, our parents and grandparents arere living in, our economy depends on a hardworking labor force from across the americas. But the United States immigration system is outdated. It doesnt meet these needs, so we need reform the system to honor our heritage nation of immigrants come secure the benefits ofbe our economy with a working immigration system that honors and gives the American People confidence that our border is secure. But creating an everexpanding and permanent trade partnership western countries we can finally take a comprehensive approach to develop longlasting trade, climate and immigration policy. I think as well get into an amended a truly important to me and you knowpo it is to bill tht this is a bipartisan effort. That may pick up on that, senator bennet, as both you and senator cassidy said, here at Atlantic Council we are focused on the importance of partnership and longterm policy. Senatory. Cassidy, ive also hed about many much enthusiasm for my conversations with various government officials around the region about this legislation, but walk us through the bipartisan nature of this legislation and why nearshoring this legislation and also Deeper Partnership with latin america and the caribbean, why this has to be bipartisan in nature insofar as how we are conducting our Foreign Policy efforts like this toward the region . On the most current basic level in less than the 60 votes they cannot pass the senate and since Neither Party is typically more than 54, high watermark, its obviously going to be bipartisan. Thats just kind of doingng mat. Lets talk about it conceptually. The two partiesin obviously represent different thinking, different ways of thinking in the unitedhi states. Michael ring something to this, a sensibility of the people whom he represents which is a little bit nuanced relative to my sensibility. Frankly, my staff and i were just popping the course because we know if only we have a chance if, if somebody thoughtful from the other party whos whoo do it with us. And what he will bring to the table as what i will bring to the table, how do we appeal to ourr constituencies that are unique from each of its constituencies . If were goinge to have a political solution which transcends administrations, it means has to be legislated but two thats got to reflect those difference. Thats the most practical way about it. Believe me, theat likelihood in which he talks simultaneously a fossil fuel and clean energy. Im going to simultaneously talk about, and we speak of the trade that our states would already have with latin america or with canada because western hemisphere, not just latin america, i think our states are also kind of a duality of perspective, fossil fuel and clean energy, making sure that our workers in our country do wellng but recognize its not a zerosum. Its something is reassured from asia to mexico, theres more trade between the nice seats in mexico in terms of reciprocal trade than is between the United States and china. We have more of those dollars back into our economy as opposed to china which may use those dollars for belt and road initiatives or string of pearl or other things that never come back to benefit the United States. So i could keep on going, but michaels input is invaluable and will only be successful if it is bipartisan. Thank you, senator. Your point is well an excellent unimportance of legislation from congress, to get a longterm commitment, reliability and regional partners are yearning for. Senator bennet, he free to reacl to his comments but as well after this im going to have a panel with a few ministers from Central America from theiror perspectives on the importance of nearshoring. I would like for your comments as well of the importance on a nearshoring could be beneficial from a regional perspective in your viewpoint. Thanks for that and let me first react what bill said because i think it was such an emphatic and useful description of the nature of pluralism. In a democracy we are not supposed to agree with each other all the time. Thats not the point. Because or it isnt a king oa tyrant to tell us what you think. The idea is we are going to come together not in some shabby compromise necessary in the middle but we take our different perspectives, our different ventures, are different geographies that bill laid out so well, and that of those we create a result thats more imaginative than any king or tyrant then come up with her own. And i was a durable because were going to pass a piece of legislation so we can make sure it indoors from generation to generation. I think thats really important that this is a set of values or on parole is him thats critically important, not just the United States but to other countries in this region and went to figure out how to lift that up. And to do think that that topic, the topic of bipartisanship, of nearshoring and partnership that you raised, jason, are all different parts of the same puzzle. I would say to the panelists representing guatemala, panama, costa rica after the session that by virtue of our intertwined cultures and history and proximity, we are often affected by the same forces. And what the americas act allows us to do is take different elements, trade and investment, people to people, exchanges, create a comprehensive and resurgent mechanism of integration and cohesion that will enable our hemisphere to thrive together, which is the only way we can actually thrive. I think the importance of nearshoring cant be overstated. We are living at a time when the first time really since the 1980s the United States has finally passed a bill to bring back an interest, the Semiconductor Industry, back to the u. S. There still a ton of work to do, even for theo semiconductor supply chain. But through collaboration with our western allies we can bring back more industries to the u. S. U. S. I think can create even