Other nations, consisting of China and Venezuela, are particularly great 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 existing environment the United States need to contend for the Caribbean as undoubtedly we need to contend for all of Latin America, and I think 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 an opportunity to do so, and I eagerly anticipate the questions you may have.
Farnsworth follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness extremely well understood to the committee also, Sally Yearwood, you are recognized for 5 minutes. STATEMENT OF MS. SALLY YEARWOOD, EXECUTIVE DIRECTOR, CARIBBEAN- CENTRAL AMERICAN ACTION Ms. Yearwood. Thank you, Mr. Chairman, Ranking Member Sires. Thank you for holding this timely hearing on the U.S.- Caribbean partnership. Coming as it carries out in the wake of your home passage of H.R. 4939, we have an important chance to evaluate and recalibrate the relationship. The Caribbean is the United States' third border. U.S. security interests in regional stability are intrinsically linked and so, by extension, cooperation on vital economic, political, and social advancement problems need to be a diplomacy top priority.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a considerable existence. The Islamic Development Bank has actually established substantial ties with funding in some Caribbean countries, and other countries varying from Qatar to Japan and Brazil have actually had a considerable effect on how and where the nations of the Caribbean have relied on look for trade and funding alternatives (What does ach stand for in finance). The United States remains the region's main trading partner, however there is no doubt that when it pertains to general engagement other nations are filling, and in many cases exploiting, a vacuum. What can be done to construct this stronger collaboration? I will speak with the locations of financial cooperation that our company believe could have an impact.
The 1983 Caribbean Basin Economic Recovery Act remains among the most generous nonreciprocal trade expenses ever given 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 likewise 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, local economies were very much oriented around farming and manufactured products. However, the world has altered. The economies today with some exceptions are mainly dominated by travel and tourism, the monetary services sector Continue reading and other service based industries.
With H.R. 4939, the U.S. Federal government can analyze what exists, where there are gaps, and suggest possible locations for trade and cooperation which reflect today's truth. Reporter Banking and De-risking. While the technical issues behind this are under discussion amongst your associates in the Financial Providers Committee, and recently bluegreen cancellation they sent out a letter to the OCC requesting clarity on the application of rules and compliance, this concern has been front and center for the nations of the Caribbean for a while. This is an international problem, however it is extensively acknowledged that the Caribbean has actually been disproportionately impacted because of the size of the marketplaces and the perception of risk.
Federal government, global financial organizations, associations, and the private sector to assist recognize options for the Caribbean. The CEO of the FIBA explains the situation as follows: We are dealing with financial addition in establishing countries and de- running the risk of is then obstructing access to finance. This amounts to a de facto embargo on the area in the location of monetary services (How do you finance a car). When global banks sever relationships with local banks, there is a direct effect on financial growth, trade, and remittances. As crucial, when the costs of complying with guidelines produce a burden on the genuine banks and they close down, there is a threat that underground or less regulated institutions will take their location.
All about Which Of These Arguments Might Be Used By Someone Who Supports Strict Campaign Finance Laws?
While we can all agree that the banking community's capability to fight money laundering and terrorist funding is a shared top priority, what we can not do is location undue problems on any individual celebration. There exists a chance for all stakeholders to come together to craft a well balanced, risk-based technique between policy and inclusion, where all parties acknowledge that they have a function in the issue as well as 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 vital part of the security apparatus every day.
extra control over its borders and develops a collaborative environment for managing terrorist watch lists in addition to trafficking of guns, drugs, and other contraband. Pre-clearance centers in-region are an instrument for constructing a security partnership (Which of these arguments might be used by someone who supports strict campaign finance laws?). While the expense does not validate pre-clearance in every Caribbean country, a strategic look at increasing pre-clearance presence through a center and spoke system would be helpful to shared partnership and security. Diplomatic Existence. Agent Engel has long called for the establishment of a diplomatic existence in the nations of the Eastern Caribbean. There are 9 member states of the Company of Eastern Caribbean States, six of which are independent.
If there is no hunger for diplomatic presence in all of the countries of the Eastern Caribbean, I believe that there ought to a minimum of be more powerful recognition of the force that the OECS represents in the area, and at least one complete Embassy needs to be developed there. Security and Disaster Strength. CCAA has run a Catastrophe Management Workshop Series with our partners from Tropical Shipping and other local partners for practically 2 decades. This occasion highlights the value of public-private partnerships in disaster management. Formerly focused very much on natural disasters, we now look at wider threats to the specific nations.
The region is vulnerable to variety of natural and other catastrophes and resilience is important. Any breakdown has trade, financial, and security ramifications for the more comprehensive area and for its partners outside the region. A multi-country method forged in cooperation with regional partners should belong of the engagement. Time does not enable the full variety of matters to be resolved. Energy, for one, is a local priority and there I would urge continued U.S. engagement weslend financial reviews on the sustainable energy front, building on the Vice President's trademark Caribbean Energy Security Initiative. Moreover, Haiti stays an ongoing obstacle and the present political crisis has ramifications for the region as a whole.