; Whereas switching as few as 15 percent of imports into the United States from the top 10 source countries of such imports outside of the Western Hemisphere to countries in Latin America and the Caribbean would increase exports from Latin America and the Caribbean by $72,000,000,000 annually, helping the region recover from the effects of the COVID–19 pandemic and reducing pressures encouraging migration to the United States; Whereas, despite existing and growing opportunities for countries in Latin America and the Caribbean to become crucial actors in global supply chains, including technological advances that have diminished the need to produce in countries with a low cost of labor, challenges to nearshoring remain, including— (1) concerns about the rule of law, corruption, and criminal activities that discourage foreign direct investment or significantly raise the costs of shifting production to the region; (2) concerns about compliance with and enforcement of international labor and environmental standards; (3) underdeveloped physical and digital infrastructure; (4) regional economic fragmentation; and (5) comparatively lower levels of vocational training; Whereas the governments of several countries in Latin America and the Caribbean, including Colombia, the Dominican Republic, and Mexico, have sought to strengthen economic relations with the United States and launched initiatives to incentivize nearshoring; Whereas the Inter-American Development Bank (commonly known as IDB ) has prioritized efforts to encourage nearshoring in Latin America and the Caribbean, including by— (1) making economic integration and the strengthening of regional supply chains 1 of 5 core pillars in the agenda outlined in the document entitled Vision 2025, Reinvest in the Americas ; (2) including nearshoring as a business line of IDB Invest for the first time in the history of IDB