Other countries, including China and Venezuela, are especially proficient at these sorts of diplomatic initiatives. The goodwill they have stimulated in the area through such activities ought to be a wake-up call for Washington that the Caribbean Basin can not be taken for approved. In the current environment the United States should compete for the Caribbean as certainly we have 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 chance to join you. It is http://elliottpeix641.simplesite.com/450250846 an opportunity to do so, and I look forward to the questions you may have.
Farnsworth follows:] [GRAPHIC( S) NOT OFFERED IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness extremely well known to the committee too, Sally Yearwood, you are acknowledged 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 prompt hearing on the U.S.- Caribbean partnership. Coming as it does in the wake of your home passage of H.R. 4939, we have a crucial opportunity to evaluate and recalibrate the relationship. The Caribbean is the United States' third border. U.S. security interests in regional stability are fundamentally connected and so, by extension, collaboration on crucial financial, political, and social development concerns need to be a foreign policy priority.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a substantial existence. The Islamic Development Bank has actually developed substantial ties with funding in some Caribbean countries, and other countries 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 (How long can you finance a camper). The United States stays the area's primary trading partner, however there is no doubt that when it concerns overall engagement other countries are filling, and in some cases making use of, a vacuum. What can be done to construct this more powerful collaboration? 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 costs ever given by the U.S. The Caribbean Basin stays a leading ten 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 area of the world where U.S. ship operators and U.S. nationals remain considerable players in the global carriage of goods by sea. When CBERA was passed, local economies were quite oriented around agricultural and manufactured items. Nevertheless, the world has changed. The economies today with some exceptions are mainly controlled by travel and tourist, the monetary services sector and other service based markets.
With H.R. 4939, the U.S. Government can examine what exists, where there are spaces, and suggest prospective areas for trade and cooperation which reflect today's reality. Correspondent Banking and De-risking. While the technical problems behind this are under conversation amongst your colleagues in the Financial Providers Committee, and recently they sent out a letter to the OCC asking for clarity on the application of guidelines and compliance, this concern has been front and center for the countries of the Caribbean for a while. This is a global problem, however it is widely acknowledged that the Caribbean has actually been disproportionately impacted due to the fact that of the size of the marketplaces and the perception of risk.
Federal government, international financial institutions, associations, and the personal sector to assist identify options for the Caribbean. The Click here for more CEO of the FIBA describes the situation as follows: We are dealing with financial addition in establishing nations and de- running the risk of is then blocking access to finance. This totals up to a de facto embargo on the region in the area of financial services (How many years can you finance a boat). When worldwide banks sever relationships with regional banks, there is a direct effect on economic growth, trade, and remittances. As essential, when the expenses of abiding by guidelines develop a problem on the legitimate banks and they shut down, there is a risk that underground or less regulated institutions will take their place.
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While we can all agree that the banking community's capability to fight money laundering and terrorist financing is a shared priority, what we can refrain from doing is place undue problems on any private celebration. There exists a chance for all stakeholders to come together to craft a balanced, risk-based technique between guideline and addition, where all parties recognize that they have a role in the issue as well as in the option. 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 creates a collaborative environment for managing 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 collaboration (How to find the finance charge). While the expense does not validate pre-clearance in every Caribbean nation, a strategic take a look at increasing pre-clearance existence through a center and spoke system would be helpful to shared cooperation and security. Diplomatic Presence. Representative Engel has long called for the establishment of a diplomatic presence in the countries of the Eastern Caribbean. There are nine member states of the Company of Eastern Caribbean States, 6 of which are independent.
If there is no cravings for diplomatic existence in all of the nations 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 a minimum of one full Embassy should be developed there. Security and Catastrophe Resilience. CCAA has run a Disaster Management Workshop Series with our partners from Tropical Shipping and other regional partners for practically two years. This event underscores the importance of public-private collaborations in disaster management. Previously focused really much on natural catastrophes, we now take a look at more comprehensive threats to the particular countries.
The area is susceptible to series of natural and other disasters and strength is crucial. Any breakdown has trade, economic, and security ramifications for the broader area and for its partners outside the region. A multi-country strategy forged in collaboration with local partners must belong of the engagement. Time does not permit the full series of matters to be resolved. Energy, for one, is a regional concern and there I would prompt continued U.S. engagement on the sustainable energy front, timeshare professionals building on the Vice President's trademark Caribbean Energy Security Initiative. Additionally, Haiti remains an ongoing obstacle and the present political crisis has ramifications for the area as a whole.