The Latin America and Caribbean Nearshoring Act aims to promote economic development in Latin America and the Caribbean by encouraging U.S. companies to relocate operations from Asia back to these regions. The bill provides incentives such as tax credits and grants for businesses that move their manufacturing or service activities closer to the United States. This shift is intended to create jobs, strengthen regional supply chains, and enhance trade relationships with neighboring countries. Overall, the bill seeks to boost economic growth in Latin America and the Caribbean while benefiting American businesses through nearshoring opportunities.
2023-03-22: Introduced in House
2023-03-22: Referred to the House Committee on Foreign Affairs.
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