Other countries, including China and Venezuela, are especially proficient at these sorts of diplomatic efforts. The goodwill they have actually stimulated in the region through such activities ought to be a wake-up call for Washington that the Caribbean Basin can not be considered granted. In the current environment the United States should contend for the Caribbean as indeed we have to compete for all of Latin America, and I believe that additional U.S. efforts in the Caribbean would be rewarded. So Mr. Chairman, Mr. Ranking Member, thank you once again for the chance to join you. It is a privilege to do so, and I eagerly anticipate the concerns you might have.
Farnsworth follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness really well understood to the committee as well, Sally Yearwood, you are acknowledged for 5 minutes. DECLARATION OF MS. SALLY YEARWOOD, EXECUTIVE DIRECTOR, CARIBBEAN- CENTRAL AMERICAN ACTION Ms. Yearwood. Thank you, Mr. Chairman, Ranking Member Sires. Thank you for holding this prompt hearing on the U.S.- Caribbean partnership. Coming as it does in the wake of your house passage of H.R. 4939, we have an important chance to assess and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security interests in regional stability are intrinsically linked and so, by extension, cooperation on crucial economic, political, and social development problems need to be a diplomacy priority.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a significant presence. The Islamic Development Bank has actually established significant ties with funding in some Caribbean nations, and other nations varying from Qatar to Japan and Brazil have had a substantial effect on how and where the countries of the Caribbean have actually relied on look for trade and funding alternatives (How to finance a private car sale). The United States remains the area's main trading partner, but there is no doubt that when it concerns general engagement other nations are filling, and in many cases exploiting, a vacuum. What can be done to develop this stronger collaboration? I will speak with the areas of economic cooperation that our company believe might have an effect.
The 1983 Caribbean Basin Economic Healing Act remains among the most generous nonreciprocal trade costs ever given by the U.S. The Caribbean Basin remains a top ten https://writeablog.net/erachaehs/heloc-rate-of-interest-can-go-up-and-down-theyand-39-re-typically-pegged-to trading partner with a balance of vacation ownership group llc trade surplus in favor of the U.S. It siriusxm cancellation is also worth noting that the Caribbean is the only area of the world where U.S. ship operators and U.S. nationals remain substantial players in the global carriage of items by sea. When CBERA was passed, regional economies were quite oriented around farming and manufactured products. Nevertheless, the world has actually altered. The economies today with some exceptions are mainly dominated by travel and tourist, the monetary services sector and other service based markets.
With H.R. 4939, the U.S. Government can examine what exists, where there are spaces, and advise prospective areas for trade and cooperation which show today's reality. Correspondent Banking and De-risking. While the technical issues behind this are under discussion amongst your associates in the Financial Services Committee, and recently they sent out a letter to the OCC requesting clarity on the application of guidelines and compliance, this concern has been front and center for the countries of the Caribbean for a while. This is a global issue, however it is extensively acknowledged that the Caribbean has been disproportionately affected because of the size of the markets and the understanding of danger.
Federal government, worldwide banks, associations, and the private sector to assist identify services for the Caribbean. The CEO of the FIBA describes the situation as follows: We are working on monetary addition in developing nations and de- running the risk of is then obstructing access to finance. This amounts to a de facto embargo on the area in the area of financial services (Which of these arguments might be used by someone who supports strict campaign finance laws?). When global banks sever relationships with local banks, there is a direct effect on economic growth, trade, and remittances. As important, when the expenses of complying with guidelines create a concern on the legitimate banks and they shut down, there is a hazard that underground or less regulated organizations will take their location.
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While we can all concur that the banking community's ability to combat cash laundering and terrorist financing is a shared top priority, what we can not do is location excessive problems on any individual celebration. There exists an opportunity for all stakeholders to come together to craft a well balanced, risk-based technique between regulation and inclusion, where all parties acknowledge that they have a function in the issue along with in the solution. Travel and Tourist. Millions of travelers move by air and sea in between the Caribbean and the U.S. every year. Air and sea ports are a critical part of the security device every day.
extra control over its borders and develops a collaborative environment for handling terrorist watch lists in addition to trafficking of guns, drugs, and other contraband. Pre-clearance facilities in-region are an instrument for developing a security partnership (How to finance a house flip). While the cost does not justify pre-clearance in every Caribbean country, a tactical look at increasing pre-clearance presence through a hub and spoke system would be advantageous to shared cooperation and security. Diplomatic Presence. Representative Engel has long called for the facility of a diplomatic existence in the nations of the Eastern Caribbean. There are 9 member states of the Organization of Eastern Caribbean States, 6 of which are independent.
If there is no cravings for diplomatic existence in all of the nations of the Eastern Caribbean, I believe that there must at least be more powerful recognition of the force that the OECS represents in the area, and a minimum of one full Embassy must be established there. Security and Catastrophe Durability. CCAA has actually run a Catastrophe Management Workshop Series with our partners from Tropical Shipping and other regional partners for nearly twenty years. This occasion highlights the value of public-private partnerships in disaster management. Formerly focused quite on natural disasters, we now take a look at broader risks to the particular nations.
The region is vulnerable to series of natural and other catastrophes and strength is crucial. Any breakdown has trade, financial, and security implications for the wider region and for its partners outside the region. A multi-country technique created in cooperation with local partners need to be a part of the engagement. Time does not enable the complete variety of matters to be dealt with. Energy, for one, is a regional priority and there I would advise continued U.S. engagement on the sustainable energy front, building on the Vice President's trademark Caribbean Energy Security Initiative. Furthermore, Haiti stays a continuous challenge and the present political crisis has ramifications for the area as a whole.