Other nations, consisting of China and Venezuela, are especially great at these sorts of diplomatic initiatives. The goodwill they have actually engendered 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 present environment the United States need to compete for the Caribbean as undoubtedly we have to contend 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 benefit to do so, and I eagerly anticipate the questions you might have.
Farnsworth follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness really well known to the committee also, 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 collaboration. Coming as it carries out in the wake of the Home passage of H.R. 4939, we have an important chance to evaluate and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security interests in regional stability are intrinsically connected and so, by extension, partnership on important financial, political, and social advancement problems must be a diplomacy concern.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a substantial presence. The Islamic Advancement Bank has actually established substantial ties with financing in some Caribbean countries, and other countries ranging from Qatar to Japan and Brazil have actually had a significant effect on how and where the countries of the Caribbean have actually turned to search for trade and funding options (Which results are more likely for someone without personal finance skills? Check all that apply.). The United States stays the region's primary trading partner, however there is no doubt that when it pertains to overall engagement other nations are filling, and sometimes making use of, a vacuum. What can be done to build this stronger partnership? I will speak with the locations of economic cooperation that our company believe could have an impact.
The 1983 Caribbean Basin Economic Healing Act stays one of the most generous nonreciprocal trade bills ever approved by the U.S. The Caribbean Basin remains a top 10 trading partner with a balance of trade surplus in favor of the U.S. It is also worth keeping in mind that the Caribbean is the only area of the world where U.S. ship operators and U.S. nationals stay substantial gamers in the international carriage of products by sea. When CBERA was passed, regional economies were quite oriented around farming and manufactured products. However, the world has 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. Federal government can examine what exists, where there are gaps, and advise potential areas for trade and cooperation which reflect today's truth. Reporter Banking and De-risking. While the technical issues behind this are under conversation amongst your associates in the Financial Solutions Committee, and just recently they sent a letter to the OCC requesting clarity on the application of guidelines and compliance, this problem has been front and center for the nations of the Caribbean for a while. This is a global problem, but it is widely acknowledged that the Caribbean has been disproportionately impacted since of the size of the marketplaces and the understanding of risk.
Government, international financial institutions, associations, and the economic sector to help recognize services for the Caribbean. The CEO of the FIBA explains the circumstance as follows: We are dealing with monetary addition in developing countries and de- risking is then blocking access to fund. This amounts to a de facto embargo on the region in the area of financial services (How to finance a house flip). When worldwide banks sever relationships with regional banks, there is a direct influence on economic growth, trade, and remittances. As essential, when the costs of adhering to policies produce a burden on the legitimate banks and they shut down, there is a risk that underground or less regulated organizations will take their place.
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While we can all concur that the banking neighborhood's ability to combat cash laundering and https://postheaven.net/eregowv9h4/heloc-interest-rates-can-go-up-and-down-theyand-39-re-usually-pegged-to terrorist financing is a shared priority, what we can refrain from doing is location undue burdens on any private celebration. There exists a chance for all stakeholders to come together to craft a well balanced, risk-based technique in between policy and inclusion, where all parties recognize that they have a function in the issue as well as in the option. Travel and Tourist. Millions of tourists move by air and sea in between the Caribbean and the U.S. every year. Air and sea ports are a crucial part of the security device every day.
additional control over its Additional reading borders and produces a collaborative environment for handling terrorist watch lists as well as trafficking of weapons, drugs, and other contraband. Pre-clearance facilities in-region are an instrument for building a security partnership (What was the reconstruction finance corporation). While the expense does not justify pre-clearance in every Caribbean nation, a strategic look at increasing pre-clearance presence through a hub and spoke system would be beneficial to shared partnership and security. Diplomatic Existence. Agent Engel has long required the establishment of a diplomatic presence in the nations of the Eastern Caribbean. There are 9 member states of the Organization of Eastern Caribbean States, timeshare issues 6 of which are independent.
If there is no appetite for diplomatic presence in all of the nations of the Eastern Caribbean, I think that there should a minimum of be stronger acknowledgment of the force that the OECS represents in the region, and a minimum of one full Embassy ought to be established there. Security and Disaster Strength. CCAA has run a Disaster Management Workshop Series with our partners from Tropical Shipping and other local partners for nearly 20 years. This event underscores the importance of public-private collaborations in disaster management. Formerly focused very much on natural catastrophes, we now look at more comprehensive risks to the specific countries.
The area is vulnerable to variety of natural and other catastrophes and strength is important. Any breakdown has trade, financial, and security implications for the wider region and for its partners outside the area. A multi-country strategy created in collaboration with local partners should be a part of the engagement. Time does not enable for the complete variety of matters to be dealt with. Energy, for one, is a regional top priority and there I would advise ongoing U.S. engagement on the sustainable energy front, building on the Vice President's trademark Caribbean Energy Security Initiative. Furthermore, Haiti remains a continuous difficulty and the existing political crisis has ramifications for the region as a whole.