Other nations, consisting of China and Venezuela, are especially good at these sorts of diplomatic initiatives. 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 considered given. In the present environment the United States should contend for the Caribbean as certainly we need 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 chance to join you. It is an advantage to do so, and I look forward to the concerns you may have.
Farnsworth https://60328b01c32c6.site123.me/#section-6117a01161494 follows:] [GRAPHIC( S) NOT OFFERED IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness extremely well known to the committee also, 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 partnership. Coming as it does in the wake of your home passage of H.R. 4939, we have an essential chance to assess and recalibrate the relationship. The Caribbean is the United States' third border. U.S. security interests in regional stability are fundamentally connected therefore, by extension, partnership on important economic, political, and social advancement problems should be a foreign policy concern.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a substantial existence. The Islamic Advancement Bank has developed considerable ties with funding in some Caribbean countries, and other countries ranging from Qatar to Japan and Brazil have had a considerable impact on how and where the countries of the Caribbean have actually turned to search for trade and financing options (How to finance building a home). The United States stays the area's main trading partner, but there is no doubt that when it concerns total engagement other countries are filling, and in many cases making use of, a vacuum. What can be done to construct this stronger collaboration? I will speak to the locations of economic cooperation that our company believe could have an impact.
The 1983 Caribbean Basin Economic Recovery Act remains one of the most generous nonreciprocal trade bills ever granted by the U.S. The Caribbean Basin remains a top 10 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 area of the world where U.S. ship operators and U.S. nationals remain substantial gamers in the worldwide carriage of items by sea. When CBERA was passed, regional economies were quite oriented around farming and manufactured items. Nevertheless, the world has changed. The economies today with some exceptions are mostly 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 gaps, and suggest potential areas for trade and cooperation which show today's truth. Reporter Banking and De-risking. While the technical problems behind this are under conversation among your colleagues in the Financial Solutions Committee, and just recently they sent out a letter to the OCC asking for clearness on the application of guidelines and compliance, this problem has actually been front and center for the nations of the Caribbean for a while. This timeshare foreclosure laws is an international problem, but it is widely acknowledged that the Caribbean has actually been disproportionately impacted since of the size of the marketplaces and the understanding of danger.
Government, global banks, associations, and the personal sector to assist recognize solutions for the Caribbean. The CEO of the FIBA explains the situation as follows: We are dealing with financial addition in developing nations and de- running the risk of is then blocking access to fund. This amounts to a de facto embargo on the region in the area of monetary services (How to finance a car from a private seller). When international banks sever relationships with regional banks, there is a direct influence on economic growth, trade, and remittances. As essential, when the costs of complying with policies produce a burden on the genuine banks and they shut down, there is a threat that underground or less regulated institutions will take their location.
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While we can all concur that the banking community's ability to fight money laundering and terrorist wfg locations funding is a shared top priority, what we can refrain from doing is place undue burdens on any private party. There exists a chance for all stakeholders to come together to craft a well balanced, risk-based method in between guideline and inclusion, where all celebrations acknowledge that they have a function in the issue along with in the solution. Travel and Tourism. Millions of 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 device every day.
extra control over its borders and develops a collective environment for managing terrorist watch lists along with trafficking of guns, drugs, and other contraband. Pre-clearance facilities in-region are an instrument for constructing a security collaboration (How to finance building a home). While the expense does not justify pre-clearance in every Caribbean country, a tactical take a look at increasing pre-clearance presence through a hub and spoke system would be helpful to shared partnership and security. Diplomatic Presence. Representative Engel has long called for the facility of a diplomatic presence in the nations of the Eastern Caribbean. There are 9 member states of the Organization of Eastern Caribbean States, six of which are independent.
If there is no cravings for diplomatic existence in all of the countries of the Eastern Caribbean, I think that there must at least be stronger acknowledgment of the force that the OECS represents in the region, and a minimum of one full Embassy should be established there. Security and Catastrophe Strength. CCAA has run a Catastrophe Management Workshop Series with our partners from Tropical Shipping and other regional partners for nearly twenty years. This occasion underscores the significance of public-private collaborations in disaster management. Previously focused quite on natural disasters, we now look at wider hazards to the particular countries.
The area is vulnerable to range of natural and other catastrophes and durability is crucial. Any breakdown has trade, economic, and security implications for the broader area and for its partners outside the area. A multi-country technique forged in partnership with regional partners need to be a part of the engagement. Time does not enable the complete range of matters to be resolved. Energy, for one, is a regional priority and there I would advise continued U.S. engagement on the sustainable energy front, building on the Vice President's hallmark Caribbean Energy Security Effort. Moreover, Haiti remains a continuous difficulty and the current political crisis has ramifications for the area as a whole.
