Other countries, consisting of China and Venezuela, are particularly great at these sorts of diplomatic efforts. The goodwill they have stimulated in the region through such activities must be a wake-up call for Washington that the Caribbean Basin can not be taken for given. In the present environment the United States must contend for the Caribbean as undoubtedly we need to contend for all of Latin America, and I believe that extra U.S. efforts in the Caribbean would be rewarded. So Mr. Chairman, Mr. Ranking Member, thank you once again for the opportunity to join you. It is a benefit to do so, and I eagerly anticipate the concerns you might have.
Farnsworth follows:] [GRAPHIC( S) NOT OFFERED IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness extremely well known to the committee as well, Sally Yearwood, you are recognized 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 timely hearing on the U.S.- Caribbean partnership. Coming as it performs in the wake of the Home passage of H.R. 4939, we have an important opportunity to assess and recalibrate the relationship. The Caribbean is the United States' third border. U.S. security interests in local stability are fundamentally linked therefore, by extension, partnership on critical 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 significant presence. The Islamic Development Bank has actually developed significant ties with financing in some Caribbean nations, and other countries varying from Qatar to Japan and Brazil have actually had a substantial effect on how and where the countries of the Caribbean have actually relied on browse for trade and funding alternatives (What jobs can i get with a finance degree). The United States stays the region's primary trading partner, but there is no doubt that when it pertains to overall engagement other nations are filling, and in many cases exploiting, a vacuum. What can be done to build this stronger partnership? I will speak to the locations of economic cooperation that we believe could have an impact.
The 1983 Caribbean Basin Economic Healing Act stays among the most generous nonreciprocal trade costs ever given by the U.S. The Caribbean Basin remains a top ten 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 location of the world where U.S. ship operators and U.S. nationals stay significant players in the global carriage of items by sea. When CBERA was passed, regional economies were quite oriented around agricultural and manufactured products. Nevertheless, the world has altered. The economies today with some exceptions are mostly controlled by travel and tourist, the financial services sector and other service based industries.
With H.R. 4939, the U.S. Federal government can analyze what exists, where there are spaces, and advise possible areas for trade and cooperation which reflect today's truth. Correspondent Banking and De-risking. While the technical issues behind this are under discussion amongst your colleagues in the Financial Providers Committee, and recently they sent a letter to the OCC requesting clarity on the application of guidelines and compliance, this issue has been front and center for the countries of the Caribbean for a while. This is a global problem, however it is extensively acknowledged that the Caribbean has been disproportionately impacted because of the size of the marketplaces and the understanding of danger.
Federal government, worldwide monetary institutions, associations, and the personal sector to help recognize solutions for the Caribbean. The CEO of the FIBA explains the situation as follows: We are dealing with monetary addition in establishing nations and de- risking is then obstructing access to finance. This totals up to a de facto embargo on the region in the area of monetary services (What is a note in finance). When international banks sever relationships with local banks, there is a direct impact on economic development, trade, and remittances. As essential, when the expenses of adhering to policies create a problem on the legitimate banks and they close down, there is a hazard that underground or less regulated organizations finance timeshare will take their place.
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While we can all concur that the banking community's capability to fight money laundering and terrorist financing is a shared top priority, what we can not do is place unnecessary concerns on any specific party. There exists a chance for all stakeholders to come together to craft a well balanced, risk-based technique between policy and inclusion, where all celebrations acknowledge that they have a function in the problem along with in the option. Travel and Tourist. Countless travelers move by air and sea between the Caribbean and the U.S. every year. Air and sea ports are a vital part of the security device every day.
additional control over its borders and develops a collective environment for handling terrorist watch lists along with trafficking of weapons, drugs, and other contraband. Pre-clearance centers in-region are an instrument for developing a security collaboration (How to owner finance a home). While the expense does not validate pre-clearance in every Caribbean nation, a tactical take a look at increasing pre-clearance existence through a hub and spoke system would be advantageous to shared partnership and security. Diplomatic Presence. Representative Engel has actually long required the establishment of a diplomatic presence in the nations of the Eastern Caribbean. There are nine member states of the Organization of Eastern Caribbean States, 6 of which are independent.
If there is no appetite for diplomatic existence in all of the nations of the Eastern Caribbean, I think that there should at least be stronger acknowledgment of the force that the OECS represents in the area, and a minimum of one full Embassy must be established there. Security and Catastrophe Resilience. CCAA has run a Disaster Management Workshop Series with our partners from Tropical Shipping and other regional partners for almost twenty years. This event underscores the importance of public-private collaborations in catastrophe management. Formerly focused quite on natural catastrophes, we now look at wider dangers to the specific countries.
The region is susceptible to variety of natural and other catastrophes http://lorenzobmbk710.hpage.com/post1.html and strength is vital. Any breakdown has trade, financial, and security implications for the wider area and for its partners outside the region. A multi-country technique created in timeshare cancellation lawyer collaboration with local partners should belong of the engagement. Time does not permit the full variety of matters to be dealt with. Energy, for one, is a regional concern and there I would urge ongoing U.S. engagement on the sustainable energy front, structure on the Vice President's trademark Caribbean Energy Security Effort. Moreover, Haiti stays a continuous obstacle and the current political crisis has ramifications for the region as a whole.