Other countries, including China and Venezuela, are particularly great at these sorts of diplomatic initiatives. The goodwill they have actually stimulated in the area through such activities must be a wake-up call for Washington that the Caribbean Basin can not be considered approved. In the current environment the United States must compete for the Caribbean as indeed we have to contend for all of Latin America, and I believe that additional 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 opportunity to do so, and I look forward to the concerns you might have.
Farnsworth follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness effectively 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 timely hearing on the U.S.- Caribbean partnership. Coming as it performs in the wake of the House passage of H.R. 4939, we have a crucial opportunity to examine and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security http://arthurkmoz527.image-perth.org/how-to-import-stock-prices-into-excel-from-yahoo-finance-things-to-know-before-you-buy interests in regional stability are fundamentally connected and so, by extension, partnership on critical financial, political, and social development concerns should be a foreign policy top priority.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a significant existence. The Islamic Development Bank has developed significant ties with financing in some Caribbean countries, and other nations ranging from Qatar to Japan and Brazil have actually had a considerable influence on how and where the nations of the Caribbean have relied on search for trade and funding alternatives (How to finance a franchise with no money). The United States stays the region's primary trading partner, but there is no doubt that when it concerns total engagement other countries are filling, and sometimes exploiting, a vacuum. What can be done to develop this stronger partnership? I will speak with the areas of economic cooperation that we believe might have an effect.
The 1983 Caribbean Basin Economic Recovery Act stays among 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 location of the world where U.S. ship operators and U.S. nationals remain significant gamers in the global carriage of goods by sea. When CBERA was passed, regional economies were quite 100 money back guarantee logo oriented around farming and manufactured items. Nevertheless, the world has 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. Government can analyze what exists, where there are spaces, and suggest potential areas for trade and cooperation which reflect today's reality. Correspondent Banking and De-risking. While the technical problems behind this are under conversation among your associates in the Financial Providers Committee, and recently they sent out a letter to the OCC requesting clearness on the application of rules and compliance, this concern has been front and center for the nations of the Caribbean for a while. This is a global issue, however it is widely acknowledged that the Caribbean has actually been disproportionately affected since of the size of the marketplaces and the perception of threat.
Government, worldwide financial institutions, associations, and the personal sector to assist recognize options for the Caribbean. The CEO of the FIBA explains the situation as follows: We are dealing with financial inclusion in establishing nations and de- risking is then obstructing access to finance. This amounts to a de facto embargo on the region in the area of financial services (How to finance a car from a private seller). When global banks sever relationships with regional banks, there is a direct effect on financial development, trade, and remittances. As important, when the expenses of adhering to guidelines develop a problem on the legitimate banks and they close down, there is a hazard 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 fight money laundering and terrorist financing is a shared concern, what we shawna wesley can not do is place unnecessary burdens on any private celebration. There exists a chance for all stakeholders to come together to craft a well balanced, risk-based technique between regulation and inclusion, where all parties recognize that they have a function in the issue along with in the solution. Travel and Tourism. Millions of tourists move by air and sea between the Caribbean and the U.S. every year. Air and sea ports are a critical part of the security apparatus every day.
extra control over its borders and creates 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 building a security collaboration (Which one of the following occupations best fits into the corporate area of finance?). While the expense does not justify pre-clearance in every Caribbean country, a strategic look at increasing pre-clearance presence through a center and spoke system would be advantageous to shared collaboration and security. Diplomatic Presence. Representative Engel has long called for the establishment of a diplomatic existence in the nations of the Eastern Caribbean. There are 9 member states of the Organization of Eastern Caribbean States, 6 of which are independent.
If there is no cravings for diplomatic presence in all of the countries of the Eastern Caribbean, I believe that there ought to at least be stronger acknowledgment of the force that the OECS represents in the region, and at least one complete Embassy must be developed there. Security and Catastrophe Resilience. CCAA has run a Catastrophe Management Workshop Series with our partners from Tropical Shipping and other local partners for almost 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 specific nations.
The region is susceptible to variety of natural and other disasters and durability is crucial. Any breakdown has trade, economic, and security implications for the more comprehensive area and for its partners outside the area. A multi-country technique forged in cooperation with local partners need to be a part of the engagement. Time does not enable the full series of matters to be attended to. Energy, for one, is a local top priority and there I would advise continued U.S. engagement on the sustainable energy front, structure on the Vice President's trademark Caribbean Energy Security Initiative. In addition, Haiti remains a continuous challenge and the existing political crisis has ramifications for the area as a whole.