Other countries, consisting of China and Venezuela, are particularly proficient at these sorts of diplomatic efforts. The goodwill they have engendered in the area through such activities ought Visit this website to be a wake-up call for Washington that the Caribbean Basin can not be taken for granted. In the existing environment the United States must compete for the Caribbean as indeed we need to compete for all of Latin America, and I think 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 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 too, 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 collaboration. Coming as it carries out in the wake of your home passage of H.R. 4939, we have a crucial 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, cooperation on important financial, political, and social development concerns must be a foreign policy priority.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a considerable presence. The Islamic Advancement Bank has actually established substantial ties with funding in some Caribbean countries, and other nations ranging from Qatar to Japan and Brazil have actually had a significant effect on how and where the countries of the Caribbean have actually relied on look for trade and funding alternatives (What jobs can i get with a finance degree). The United States remains the region's primary Visit the website trading partner, however there is no doubt that when it comes to overall engagement other countries are filling, and in some cases making use of, a vacuum. What can be done to develop this more powerful partnership? I will speak with the locations of economic cooperation that we think could have an effect.
The 1983 Caribbean Basin Economic Healing Act remains among the most generous nonreciprocal trade expenses ever approved by the U.S. The Caribbean Basin stays 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 location of the world where U.S. ship operators and U.S. nationals remain considerable gamers in the global carriage of items by sea. When CBERA was passed, regional economies were quite oriented around farming and manufactured items. However, the world has actually changed. The economies today with some exceptions are largely dominated by travel and tourist, the monetary 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 advise possible areas for trade and cooperation which show today's truth. Reporter Banking and De-risking. While the technical issues behind this are under conversation amongst your colleagues in the Financial Solutions Committee, and recently they sent a letter to the OCC requesting clarity on the application of rules and compliance, this issue has actually been front and center for the nations of the Caribbean for a while. This is a worldwide problem, but it is widely acknowledged that the Caribbean has been disproportionately affected since of the size of the markets and the perception of threat.
Federal government, international banks, associations, and the economic sector to help recognize solutions for the Caribbean. The CEO of the FIBA explains the situation as follows: We are dealing with monetary inclusion 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 financial services (Which of the following can be described as involving direct finance?). When worldwide banks sever relationships with local banks, there is a direct effect on financial growth, trade, and remittances. As crucial, when the costs of complying sell my timeshare with no upfront fees with regulations develop a concern on the genuine banks and they close down, there is a risk that underground or less regulated organizations will take their place.
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While we can all agree that the banking neighborhood's ability to combat money laundering and terrorist financing is a shared priority, what we can not do is location unnecessary burdens on any private celebration. There exists a chance for all stakeholders to come together to craft a balanced, risk-based technique between guideline and inclusion, where all parties recognize that they have a role in the issue along with in the solution. Travel and Tourist. Countless tourists move by air and sea 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 creates a collaborative environment for handling terrorist watch lists in addition to trafficking of weapons, drugs, and other contraband. Pre-clearance facilities in-region are an instrument for developing a security collaboration (How to become a finance manager at a car dealership). While the cost does not validate pre-clearance in every Caribbean country, a strategic appearance at increasing pre-clearance presence through a hub and spoke system would be beneficial to shared collaboration and security. Diplomatic Existence. Representative Engel has actually long required the facility of a diplomatic existence in the nations of the Eastern Caribbean. There are nine member states of the Organization of Eastern Caribbean States, six of which are independent.
If there is no cravings for diplomatic presence 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 region, and at least one complete Embassy must be established there. Security and Disaster Resilience. CCAA has run a Disaster Management Workshop Series with our partners from Tropical Shipping and other regional partners for almost 20 years. This event highlights the importance of public-private collaborations in disaster management. Previously focused really much on natural disasters, we now look at wider hazards to the specific countries.
The region is susceptible to series of natural and other catastrophes and durability is critical. Any breakdown has trade, financial, and security ramifications for the more comprehensive region and for its partners outside the region. A multi-country technique created in collaboration with local partners should be a part of the engagement. Time does not allow for the complete variety of matters to be addressed. Energy, for one, is a regional concern and there I would prompt continued U.S. engagement on the sustainable energy front, structure on the Vice President's trademark Caribbean Energy Security Initiative. Additionally, Haiti remains a continuous obstacle and the present political crisis has implications for the region as a whole.