Other countries, including China and Venezuela, are especially proficient at these sorts of diplomatic efforts. 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 indeed we need to contend 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 anticipate the concerns you may have.
Farnsworth follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness effectively understood to the committee too, Sally Yearwood, you are recognized for 5 minutes. STATEMENT OF MS. SALLY YEARWOOD, EXECUTIVE DIRECTOR, Visit this website 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 the House passage of H.R. 4939, we have an important chance to assess and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security interests in local stability are fundamentally linked therefore, by extension, collaboration on crucial financial, political, and social development concerns must be a foreign policy priority.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a substantial existence. The Islamic Development Bank has established substantial ties with funding in some Caribbean countries, and other nations ranging from Qatar to Japan and Brazil have actually had a significant influence on how and where the nations of the Caribbean have actually turned to look for trade and financing alternatives (What is a cd in finance). The United States remains the area's primary trading partner, but there is no doubt that when it concerns general engagement other nations are filling, and in many cases making use of, a vacuum. What can be done to develop this stronger partnership? I will speak to the locations of financial cooperation that we think could have an impact.
The 1983 Caribbean Basin Economic Recovery Act stays among 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 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 substantial gamers in the global carriage of items by sea. When CBERA was passed, local economies were very much oriented around agricultural and manufactured products. However, the world has changed. The economies today with some exceptions are largely controlled by travel and tourism, the monetary services sector and other service based markets.
With H.R. 4939, the U.S. Government can examine what exists, where there are gaps, and suggest potential locations for trade and cooperation which reflect today's reality. Correspondent Banking and De-risking. While the technical concerns behind this are under conversation among your coworkers in the Financial Solutions Committee, and just recently they sent a letter to the OCC requesting clearness on the application of rules and compliance, this issue has actually been front and center for the countries of the Caribbean for a while. This is an international issue, but it is extensively acknowledged that the Caribbean has been disproportionately impacted since of the size of the marketplaces and the perception of threat.
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Federal government, global financial institutions, associations, and the personal sector to assist recognize options for the Caribbean. The CEO of the FIBA describes the situation as follows: We are working on financial inclusion in establishing wesley place nashville countries and de- risking is then blocking access to finance. This amounts to a de facto embargo on the region in the location of monetary services (Which one of the following occupations best fits into the corporate area of finance?). When worldwide banks sever relationships with regional banks, there is a direct effect on financial development, trade, and remittances. As essential, when the costs of adhering to guidelines create a concern on the genuine banks and they shut down, there is a threat 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 combat money laundering and terrorist funding is a shared priority, what we can refrain from doing is place undue concerns on any specific celebration. There exists an opportunity for all stakeholders to come together to craft a well balanced, risk-based technique in between policy and inclusion, where all parties acknowledge that they have a role in the issue in addition to 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 an important part of the security device every day.
extra control over its borders and creates a collective environment for managing terrorist watch lists along with trafficking of guns, drugs, and other contraband. Pre-clearance centers in-region are an instrument for constructing a security partnership (What is a consumer finance company). While the expense does not justify pre-clearance in every Caribbean nation, a strategic look at increasing pre-clearance existence through a hub and spoke system would be advantageous to shared cooperation and security. Diplomatic Presence. Representative Engel has actually long required the establishment of a diplomatic presence in the countries of the Eastern Caribbean. There are nine member states of the Organization of Eastern Caribbean States, 6 of which are independent.
If there is no appetite for diplomatic presence in all of the countries of the Eastern Caribbean, I think that there ought to at least be stronger recognition of the force that the OECS represents in the area, and at least one full Embassy must be established there. Security and Disaster Durability. CCAA has actually run a Catastrophe Management Workshop Series with our partners from Tropical Shipping and other local partners for nearly 20 years. This event highlights the value of public-private partnerships in disaster management. Previously focused quite on natural disasters, we now take a look at broader threats to the particular countries.
The region is susceptible to variety of natural and other catastrophes and strength is crucial. Any breakdown has trade, economic, and security implications for the wider region and for its partners outside the area. A multi-country strategy created in partnership with local partners must belong of the engagement. Time does not enable https://260791.8b.io/page13.html for the full range of matters to be dealt with. Energy, for one, is a regional priority and there I would advise ongoing U.S. engagement on the sustainable energy front, structure on the Vice President's trademark Caribbean Energy Security Initiative. In addition, Haiti stays an ongoing difficulty and the existing political crisis has ramifications for the area as a whole.