Summit leads to supply chain resiliency initiatives

North American leaders agreed to plan to produce 25% of what is currently imported from Asia to North America.

Big plans developed at the 2023 North American Leaders’ Summit

Leaders from the U.S., Mexico and Canada – U.S. President Joe Biden, Mexican President Andres Manuel Lopez Obrador and Canadian Prime Minister Justin Trudeau, among others – recently met in Mexico City for the tenth North American Leaders’ Summit, a series of bilateral and trilateral meetings to help align and discuss regional priorities.

The three countries agreed to plan to produce 25% of what is currently imported from Asia to North America. This will all happen under a new plan to promote the integration of the region’s economies, though it is unclear how quickly the region plans to achieve this goal.

Mexico stated they will need to invest in order to move this process along, which would increase the country’s growth by two percentage points.

Five initiatives to improve supply chain resilience

The three also agreed to collaborate on five initiatives to improve North American supply chain resilience and grow industries such as electric vehicles and semiconductor manufacturing.

Organize a trilateral semiconductor forum in early 2023 that includes “senior industry representatives” and cabinet officials from the three countries to “adapt government policies” and grow investment in the sector.
Coordinate efforts to map the semiconductor supply chain and identify unmet needs in the industry.
Create the North America Student Mobility Project in coordination with Canada and Mexico. The project will be an expansion of the decade-old 100,000 Strong in the Americas Innovation Fund “to increase student development and mobility.
Create the North America Student Mobility Project, expanding on the decade-old 100,000 Strong in the Americas Innovation Fund “to increase student development and mobility.”
Create the North America Student Mobility Project in coordination with Canada and Mexico. The project will be an expansion of the decade-old 100,000 Strong in the Americas Innovation Fund “to increase student development and mobility.

Many of the collaboration discussions focused on semiconductors, following last year’s CHIPS Act in the U.S., which incentivizes semiconductor manufacturing investments.

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