ACT says The Americas Trade Act, currently under consideration in Congress has the transformative potential to strengthen economic collaboration under the Americas Partnership for Economic Prosperity (APEP). The coalition commended the Biden Administration’s commitment to APEP’s goals and emphasised that The Americas Act introduces crucial bipartisan policy incentives, including financial tools and tax breaks designed to enhance regional trade relationships and support industries like textiles.
Specifically, The Americas Act includes provisions such as a 15% tax break for textile reuse and recycling businesses and substantial grants totalling $14bn for infrastructure, innovation and public education. These measures not only align with APEP’s priorities of regional competitiveness, sustainable infrastructure, and environmental protection but also aim to empower local labour markets and promote healthy communities.
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The letter is signed by brands and retailers including H&M, Thredup, Circ, Supercircle, Rent the Runway and The RealReal among others.
The letter details how countries like China have “seized the moment in focusing on clean energy and supply-side manufacturing, with a sustainable vision to supply the world, and are well on their way to capturing these opportunities wholeheartedly, while the United States is being left behind.”
“The Inflation Reduction Act (IRA) attempts to counter China’s and East Asia’s manufacturing and supply chain dominance but certain sectors and industries were excluded, like textiles. Furthermore, the IRA is rightfully domestically focused but the Americas Act can complement the vision by tackling the manufacturing renaissance with a regional focus.”
ACT CEO Rachel Kibbe noted: “By supporting this legislation, we believe the United States can lead in a decarbonised manufacturing landscape while fostering economic growth across the Americas. The Americas Act represents a significant opportunity to advance our circular economy initiatives, create sustainable jobs, and protect our environment.”
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