Mexico, the United States and Canada agreed on Tuesday to promote targeted investments as part of the agreements of the 10th North American Leaders’ Summit.
“We seek to deepen our regional capacity to attract high quality investments, boost innovation and strengthen the resilience of our economies, recognizing the benefits brought by the Treaty between Mexico, the United States and Canada,” the governments of the three countries reported in a joint statement.
The summit was attended by the presidents of Mexico, Andrés Manuel López Obrador, and the United States, Joe Biden, as well as the prime minister of Canada, Justin Trudeau.
“To boost regional competitiveness, the three countries will seek to forge stronger regional supply chains, as well as promote targeted investment, in key industries of the future such as semiconductors and electric vehicle batteries, which will be critical to advancing electric vehicle development and infrastructure,” they added.
In addition, the governments of the three nations will convene public-private dialogues and map out supply chains to address common challenges and opportunities.
Critical minerals are an essential component of accelerating the transition to clean energy in North America.
Each country will review and map existing and potential reserves of critical mineral resources in the region, while caring for the environment, respecting local communities and adhering to high ethical standards.
To support innovation, job creation and workforce development, the three governments are committed to working with the private sector, civil society, labor and academia across North America to foster high-tech entrepreneurship, promote small and medium-sized enterprises and strengthen technical education.
The governments of Mexico, the United States and Canada will also explore trilateral approaches to promote sustainable and inclusive jobs and develop the workforce needed to meet our climate commitments.
In the United States, over the past four years, several changes have taken place in the investment regime, as new legislation and regulations have been introduced that expand the types of foreign investment subject to review, as well as new notification requirements for certain types of foreign direct investment, and the body responsible for evaluating foreign investment in the telecommunications sector has been formalized and streamlined.
Several of these changes have reoriented U.S. policies toward increased scrutiny of foreign investment transactions for national security reasons.
In terms of investment restrictions, 14 major categories of foreign investment requirements or restrictions have long persisted.