Other countries, including China and Venezuela, are particularly great at these sorts of diplomatic initiatives. The goodwill they have stimulated in the area through such activities should be a wake-up call for Washington that the timeshare contract cancellation Caribbean Basin can not be taken for granted. In the existing environment the United States should contend for the Caribbean as indeed we have to contend for all of Latin America, and I think that additional 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 an advantage to do so, and I eagerly anticipate the concerns you might have.
Farnsworth follows:] [GRAPHIC( S) NOT READILY 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 performs in the wake of your home passage of H.R. 4939, we have an important opportunity to assess and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security interests in regional stability are intrinsically linked and so, by extension, cooperation on vital economic, political, and social development issues need to be a diplomacy top priority.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a substantial presence. The Islamic Development Bank has developed substantial ties with funding in some Caribbean countries, and other countries varying from Qatar to Japan and Brazil have actually had a significant effect on how and where Additional info the countries of the Caribbean have actually turned to browse for trade and financing alternatives (What are the two ways government can finance a budget deficit?). The United States remains the area's main trading partner, however there is no doubt that when it concerns overall timesharing today magazine engagement other countries are filling, and in some cases making use of, a vacuum. What can be done to build this stronger collaboration? I will talk to the locations of economic cooperation that our company believe could have an effect.
The 1983 Caribbean Basin Economic Healing Act remains among the most generous nonreciprocal trade expenses ever given by the U.S. The Caribbean Basin remains a leading 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 area of the world where U.S. ship operators and U.S. nationals stay significant gamers in the global carriage of items by sea. When CBERA was passed, local economies were extremely much oriented around farming and manufactured products. Nevertheless, the world has altered. The economies today with some exceptions are mostly controlled by travel and tourism, the monetary services sector and other service based industries.
With H.R. 4939, the U.S. Federal government can analyze what exists, where there are spaces, and recommend prospective areas for trade and cooperation which show today's truth. Correspondent Banking and De-risking. While the technical issues behind this are under discussion amongst your coworkers 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 problem has been front and center for the nations of the Caribbean for a while. This is a global issue, however it is commonly acknowledged that the Caribbean has actually been disproportionately affected due to the fact that of the size of the markets and the understanding of risk.
Federal government, international monetary institutions, associations, and the economic sector to help identify solutions for the Caribbean. The CEO of the FIBA describes the circumstance as follows: We are dealing with monetary addition in establishing countries and de- running the risk of is then obstructing access to fund. This totals up to a de facto embargo on the region in the area of financial services (Which results are more likely for someone without personal finance skills? Check all that apply.). When worldwide banks sever relationships with local banks, there is a direct influence on financial growth, trade, and remittances. As important, when the costs of abiding by guidelines create a problem on the legitimate 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 cash laundering and terrorist financing is a shared top priority, what we can not do is place undue concerns on any private celebration. There exists a chance for all stakeholders to come together to craft a well balanced, risk-based approach between guideline and addition, where all celebrations acknowledge that they have a role in the problem along with in the service. 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 critical part of the security device every day.
additional control over its borders and produces a collaborative 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 do you finance a car). While the cost does not validate pre-clearance in every Caribbean nation, a tactical look at increasing pre-clearance existence through a hub and spoke system would be helpful to shared collaboration and security. Diplomatic Presence. Agent Engel has 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, 6 of which are independent.
If there is no appetite for diplomatic existence in all of the countries of the Eastern Caribbean, I believe that there should at least be stronger acknowledgment of the force that the OECS represents in the area, and a minimum of one full Embassy should be established there. Security and Disaster Durability. CCAA has run a Disaster 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 collaborations in disaster management. Previously focused quite on natural catastrophes, we now look at broader dangers to the specific nations.
The area is vulnerable to variety of natural and other disasters and resilience is crucial. Any breakdown has trade, economic, and security ramifications for the broader area and for its partners outside the area. A multi-country technique created in cooperation with local partners must belong of the engagement. Time does not permit for the complete range of matters to be dealt with. Energy, for one, is a regional top priority and there I would prompt continued U.S. engagement on the sustainable energy front, structure on the Vice President's trademark Caribbean Energy Security Effort. Additionally, Haiti remains an ongoing difficulty and the existing political crisis has implications for the area as a whole.