Mitt Romney introduced “Prosperity Pacts” in his speech at the Clinton Global Initiative today:
To foster work and enterprise in the Middle East and in other developing countries, I will initiate “Prosperity Pacts.” Working with the private sector, the program will identify the barriers to investment, trade, and entrepreneurialism in developing nations. In exchange for removing those barriers and opening their markets to U.S. investment and trade, developing nations will receive U.S. assistance packages focused on developing the institutions of liberty, the rule of law, and property rights.
We will focus our efforts on small and medium-size businesses. Microfinance has been an effective tool at promoting enterprise and prosperity, but we must expand support to small and medium-size businesses that are too large for microfinance, but too small for traditional banks.
The aim of a much larger share of our aid must be the promotion of work and the fostering of free enterprise. Nothing we can do as a nation will change lives and nations more effectively and permanently than sharing the insight that lies at the foundation of America’s own economy–free people pursuing happiness in their own ways build a strong and prosperous nation.
More details about the Prosperity Pacts here.