Other countries, including China and Venezuela, are especially proficient at these sorts of diplomatic efforts. The goodwill they have stimulated 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 current environment the United States should contend for the Caribbean as indeed 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 once again for the chance to join you. It is a privilege to do so, and I look forward to the questions you may have.
Farnsworth follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness extremely well known 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 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 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 inherently connected therefore, by extension, collaboration on crucial financial, political, and social development problems need to be a foreign policy top priority.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a considerable existence. The Islamic Development Bank has developed substantial ties with funding in some Caribbean nations, and other nations varying from Qatar to Japan and Brazil have actually had a significant impact on how and where the countries of the Caribbean have actually turned to look for trade and financing options (How to owner finance a home). The United States stays the region's main trading partner, however there is no doubt that when it concerns total engagement other nations are filling, and in many cases exploiting, a vacuum. What can be done to build this more powerful partnership? I will talk to the areas of financial cooperation that our company believe could have an effect.
The 1983 Caribbean Basin Economic Healing Act stays one of the most generous nonreciprocal trade costs ever granted 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 also 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 international carriage of goods by sea. When CBERA was passed, regional economies were quite oriented around agricultural and manufactured items. Nevertheless, the world has actually altered. The economies today with some exceptions are mainly 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 suggest prospective locations for trade and cooperation which show today's reality. Correspondent 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 clarity on the application of rules and compliance, this issue has 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 impacted since of the size of the markets and the understanding of danger.
Government, international banks, associations, and the economic sector to assist determine options for the Caribbean. The CEO of the FIBA describes the circumstance as follows: We are working on monetary inclusion in developing nations and de- running the risk of is then obstructing access to fund. This Additional resources amounts to a de facto embargo on the area in the location of monetary services (What do you need to finance a car). When global banks sever relationships with local banks, there is a direct influence on financial development, trade, and remittances. As important, when the expenses of complying with policies create a problem on the genuine banks and they close down, there is a danger that underground or less regulated organizations will take their location.
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While we can all agree that the banking community's ability to combat cash laundering and terrorist funding is a shared priority, what we can refrain from doing is place unnecessary burdens on any specific party. There exists a chance for all stakeholders to come together to craft a well balanced, risk-based approach in between policy and inclusion, where all parties acknowledge that they have a role in the problem in addition to in the solution. 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 crucial part of the security apparatus every day.
extra control over its borders and develops a collective environment for handling terrorist watch lists as well as trafficking of weapons, drugs, and other contraband. Pre-clearance facilities in-region are an instrument for developing a security collaboration (How long can you finance a used car). While the cost does not validate pre-clearance in every Caribbean country, a tactical look at increasing pre-clearance presence through a center and spoke system would be beneficial to shared cooperation and security. Diplomatic Existence. Agent Engel has actually long called for the facility of a diplomatic existence in the countries 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 believe that there need to at least be more powerful recognition of the force that the OECS represents in the region, and at least one full Embassy should be developed there. Security and Catastrophe Strength. CCAA has actually run a Disaster Management Workshop Series with our partners from Tropical how to get out of my timeshare Shipping and other regional partners for nearly two years. This event underscores the importance of public-private partnerships in disaster management. Formerly focused extremely much how do you get out of a timeshare on natural disasters, we now take a look at more comprehensive hazards to the specific countries.
The area is susceptible to series of natural and other catastrophes and resilience is crucial. Any breakdown has trade, financial, and security ramifications for the wider area and for its partners outside the region. A multi-country technique forged in partnership with local partners should belong of the engagement. Time does not permit the complete variety of matters to be dealt with. Energy, for one, is a regional priority and there I would prompt continued U.S. engagement on the sustainable energy front, building on the Vice President's trademark Caribbean Energy Security Initiative. In addition, Haiti remains a continuous challenge and the present political crisis has ramifications for the area as a whole.