Other countries, consisting of China and Venezuela, are particularly proficient at these sorts of diplomatic efforts. The goodwill they have actually engendered in the region through such activities need to be a wake-up call for Washington that the Caribbean Basin can not be considered given. In the present environment the United States should compete for the Caribbean as certainly we have to timeshare relief inc compete 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 opportunity to join you. It is an advantage 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 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 prompt hearing on the U.S.- Caribbean collaboration. Coming as it carries out in the wake of your home passage of H.R. 4939, we have an important opportunity to examine and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security interests in regional stability are fundamentally connected therefore, by extension, cooperation on important economic, political, and social development problems need to be a diplomacy https://blogfreely.net/sulainh3n5/heloc-rates-of-interest-can-fluctuate-theyand-39-re-generally-pegged-to concern.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a significant existence. The Islamic Advancement Bank has actually established substantial ties with funding in some Caribbean countries, and other nations varying from Qatar to Japan and Brazil have had a substantial effect on how and where the nations of the Caribbean have actually relied on look for trade and funding alternatives (Which of the following can be described as involving direct finance?). The United States remains the region's primary trading partner, but there is no doubt that when it concerns overall engagement other countries are filling, and in some cases exploiting, a vacuum. What can be done to develop this stronger partnership? I will speak to the areas of financial cooperation that we think might have an effect.
The 1983 Caribbean Basin Economic Recovery Act stays among the most generous nonreciprocal trade expenses ever approved 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 noting that the Caribbean is the only location of the world where U.S. ship operators and U.S. nationals remain significant players in the worldwide carriage of products timeshare unit by sea. When CBERA was passed, local economies were quite oriented around agricultural and manufactured products. However, the world has actually changed. The economies today with some exceptions are mostly controlled by travel and tourism, the financial services sector and other service based markets.
With H.R. 4939, the U.S. Federal government can analyze what exists, where there are spaces, and recommend potential areas for trade and cooperation which show today's reality. Reporter Banking and De-risking. While the technical issues behind this are under conversation among your coworkers in the Financial Providers Committee, and just recently they sent out a letter to the OCC requesting clarity on the application of rules and compliance, this concern has actually been front and center for the countries of the Caribbean for a while. This is a global issue, but it is widely acknowledged that the Caribbean has actually been disproportionately impacted since of the size of the marketplaces and the understanding of risk.
Federal government, international monetary institutions, associations, and the economic sector to assist recognize solutions for the Caribbean. The CEO of the FIBA explains the circumstance as follows: We are dealing with financial inclusion in establishing countries and de- risking is then blocking access to fund. This totals up to a de facto embargo on the area in the area of financial services (What is a future in finance). When global banks sever relationships with regional banks, there is a direct influence on financial growth, trade, and remittances. As essential, when the expenses of adhering to guidelines develop a burden on the genuine banks and they shut down, there is a threat that underground or less regulated institutions will take their place.
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While we can all concur that the banking neighborhood's ability to combat cash laundering and terrorist funding is a shared top priority, what we can not do is location unnecessary problems on any individual party. There exists a chance for all stakeholders to come together to craft a well balanced, risk-based method between regulation and addition, where all celebrations recognize that they have a role in the problem as well as in the service. 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 crucial part of the security apparatus every day.
extra control over its borders and produces a collaborative 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 partnership (What is a swap in finance). While the expense does not justify pre-clearance in every Caribbean nation, a tactical look at increasing pre-clearance presence through a hub and spoke system would be advantageous to shared collaboration and security. Diplomatic Presence. Representative Engel has actually long required the establishment of a diplomatic presence in the countries 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 hunger for diplomatic presence in all of the countries of the Eastern Caribbean, I believe that there must at least be more powerful acknowledgment of the force that the OECS represents in the region, and at least one complete Embassy ought to be developed there. Security and Disaster Durability. CCAA has run a Disaster Management Workshop Series with our partners from Tropical Shipping and other regional partners for nearly two years. This event highlights the importance of public-private partnerships in disaster management. Previously focused quite on natural catastrophes, we now look at more comprehensive dangers to the particular countries.
The region is susceptible to series of natural and other disasters and strength is critical. Any breakdown has trade, economic, and security implications for the broader area and for its partners outside the area. A multi-country strategy forged in cooperation with local partners ought to be a part of the engagement. Time does not enable for the full series of matters to be dealt with. Energy, for one, is a local top priority and there I would urge ongoing U.S. engagement on the sustainable energy front, building on the Vice President's trademark Caribbean Energy Security Effort. In addition, Haiti remains a continuous obstacle and the present political crisis has implications for the region as a whole.