Other countries, consisting of China and Venezuela, are especially excellent at these sorts of diplomatic initiatives. The goodwill they have stimulated in the area through such activities need to be a wake-up call for Washington that the Caribbean Basin can not be taken for granted. In the present environment the United States need to contend for the Caribbean as undoubtedly we have to compete 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 again for the opportunity to join you. It is a benefit 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 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 timely hearing on the U.S.- Caribbean partnership. Coming as it does in the wake of the Home passage of H.R. 4939, we have a crucial chance to assess and recalibrate the relationship. The Caribbean is the United States' third border. U.S. security interests in regional stability are inherently linked and so, by extension, collaboration on crucial financial, political, and social advancement problems should be a diplomacy concern.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a considerable presence. The Islamic Development Bank has developed considerable ties with financing in some Caribbean countries, and other countries ranging from Qatar to Japan and Brazil have had a considerable impact on how and where the nations of the Caribbean have actually turned to look for trade and funding alternatives (What is a swap in finance). The United States remains the region's main trading partner, but there is no doubt that when it pertains to general engagement other nations are filling, and sometimes exploiting, a vacuum. What can be done to construct this more powerful partnership? I will talk to the locations of financial cooperation that our company believe could have an impact.
The 1983 Caribbean Basin Economic Healing Act stays one of the most generous nonreciprocal trade expenses ever given by the U.S. The Caribbean Basin stays a leading 10 trading partner with a balance of trade surplus in favor of the U.S. It is also worth noting that the Caribbean is the only location of the world where U.S. ship operators and U.S. nationals stay substantial players in the international carriage of goods by sea. When CBERA was passed, regional economies were very much oriented around farming and manufactured items. However, the world has actually changed. The economies today with some exceptions are mostly controlled by travel and tourism, the monetary services sector and other service based markets.
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With H.R. 4939, the U.S. Federal government can analyze what exists, where there are gaps, and suggest http://milobvoy278.huicopper.com/how-to-increase-cash-flow-personal-finance-for-beginners possible locations for trade and cooperation which reflect today's reality. Reporter Banking and De-risking. While the technical issues behind this are under conversation amongst your coworkers in the Financial Solutions Committee, and recently they sent a letter to the OCC requesting clearness on the application of rules and compliance, this problem has actually been front and center for the nations of the Caribbean for a while. This is a worldwide problem, however it is commonly acknowledged that the Caribbean has been disproportionately affected because of the size of the marketplaces and too good to be thru llc the perception of danger.
Government, international financial organizations, associations, and the private sector to help recognize solutions for the Caribbean. The CEO of the FIBA describes the scenario as follows: We are dealing with monetary addition in Discover more here establishing nations and de- running the risk of is then blocking access to fund. This totals up to a de facto embargo on the region in the location of financial services (What are the two ways government can finance a budget deficit?). When global banks sever relationships with regional banks, there is a direct effect on financial growth, trade, and remittances. As important, when the costs of abiding by policies produce a burden on the legitimate banks and they close down, there is a hazard that underground or less regulated institutions will take their place.
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While we can all concur that the banking community's capability to combat cash laundering and terrorist financing is a shared concern, what we can not do is place unnecessary concerns on any individual celebration. There exists an opportunity for all stakeholders to come together to craft a well balanced, risk-based technique in between regulation and inclusion, where all parties acknowledge that they have a function in the problem as well as in the service. Travel and Tourism. Countless 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 creates a collective environment for handling terrorist watch lists as well as trafficking of weapons, drugs, and other contraband. Pre-clearance centers in-region are an instrument for constructing a security partnership (How to finance an investment property). While the cost does not validate pre-clearance in every Caribbean nation, a tactical take a look at increasing pre-clearance presence through a hub and spoke system would be advantageous to shared partnership and security. Diplomatic Existence. Agent Engel has actually long required the facility 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 existence in all of the countries of the Eastern Caribbean, I think that there should a minimum of be more powerful acknowledgment of the force that the OECS represents in the area, and a minimum of one full Embassy must be established there. Security and Disaster Resilience. CCAA has actually run a Disaster Management Workshop Series with our partners from Tropical Shipping and other local partners for practically 20 years. This event underscores the value of public-private partnerships in disaster management. Formerly focused extremely much on natural catastrophes, we now look at more comprehensive risks to the particular nations.
The region is vulnerable to series of natural and other disasters and durability is critical. Any breakdown has trade, economic, and security implications for the broader region and for its partners outside the region. A multi-country technique created in partnership with regional partners should belong of the engagement. Time does not permit the full range of matters to be attended to. Energy, for one, is a local top priority and there I would urge ongoing U.S. engagement on the sustainable energy front, structure on the Vice President's hallmark Caribbean Energy Security Effort. Furthermore, Haiti stays an ongoing difficulty and the current political crisis has ramifications for the area as a whole.