…For 75 years, our nations have grown and prospered behind the NATO shield.

Today, we’re stronger than we’ve ever been.  Since, I took office, we’ve doubled the number of battle groups at NATO’s eastern flank in — the United States has; Finland and Sweden have joined the Alliance; and the number of Allies spending at least 2 percent on defense has gone from 9 to 23.

That’s not happened by chance but by choice.

At our summit two years ago, we launched a plan to modernize our deterrence and our defense.  And today, we have to ask ourselves: What is next?  How can we keep making the shield stronger?

One answer must be to strengthen our industrial base.

Right now, Russia is on a wartime footing with regard to defense production.  They’ve — they’re significantly ramping up their production of weapons, munitions, and vehicles.  And they’re doing it with the help of China, North Korea, and Iran.

We cannot — in my view, we cannot allow the Alliance to fall behind.

The fact is that so many of my — my — let me put it this way: I’m very pleased that, today, all NATO members are making the pledge to expand our industrial base and our industrial capacity, like our defense-spending commitment.  This is a critical step to maintaining our security.

The first time ever, every NATO nation is pledging to develop plans for defense production at home.  That means, as an alliance, we’ll become more innovative and competitive.  And we’re able to produce more critical defense equipment more quickly and — than — and we should — we may need it.

Source: Remarks by President Biden Before Working Session I of the NATO Summit | The White House