Other countries, consisting of China and Venezuela, are particularly great at these sorts of diplomatic efforts. The goodwill they have stimulated in the region through such activities should be a wake-up call for Washington that the Caribbean Basin can not be taken for granted. In the present environment the United States need to compete for the Caribbean as indeed we need to compete for all of Latin America, and I think that extra U.S. efforts in the read more 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 questions you may have.
Farnsworth follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness effectively known to the committee also, Sally Yearwood, you are recognized for 5 minutes. DECLARATION OF MS. SALLY https://canvas.instructure.com/eportfolios/122063/edwinidbd753/The_Ultimate_Guide_To_What_Credit_Score_Is_Needed_To_Finance_A_Car 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 carries out in the wake of the Home passage of H.R. 4939, we have an essential chance to evaluate 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, collaboration on critical economic, political, and social development issues should be a diplomacy top priority.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a substantial existence. The Islamic Advancement Bank has established substantial ties with financing in some Caribbean nations, 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 turned to browse for trade and financing alternatives (How many years can you finance a boat). The United States remains the region's main trading partner, but there is no doubt that when it concerns overall engagement other nations are filling, and sometimes making use of, a vacuum. What can be done to build this stronger collaboration? I will speak to the areas of financial cooperation that our company believe might have an impact.
The 1983 Caribbean Basin Economic Recovery Act stays one of the most generous nonreciprocal trade bills ever granted by the U.S. The Caribbean Basin stays 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 worldwide carriage of products by sea. When CBERA was passed, local economies were extremely much oriented around agricultural and manufactured products. Nevertheless, the world has selling timeshare jobs changed. 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. Government can examine what exists, where there are gaps, and recommend possible areas for trade and cooperation which reflect today's reality. Correspondent Banking and De-risking. While the technical issues behind this are under conversation among your coworkers in the Financial Solutions Committee, and recently they sent a letter to the OCC asking for clearness on the application of rules and compliance, this concern has actually been front and center for the countries of the Caribbean for a while. This is a global problem, however it is widely acknowledged that the Caribbean has been disproportionately affected due to the fact that of the size of the marketplaces and the perception of risk.
Federal government, international banks, associations, and the economic sector to assist determine services for the Caribbean. The CEO of the FIBA describes the situation as follows: We are dealing with financial addition in establishing nations and de- risking is then obstructing access to finance. This amounts to a de facto embargo on the area in the area of monetary services (What does ear stand for in finance). When worldwide banks sever relationships with local banks, there is a direct influence on economic development, trade, and remittances. As important, when the costs of adhering to policies produce a problem on the genuine banks and they close 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 ability to fight money laundering and terrorist funding is a shared priority, what we can not do is place unnecessary burdens on any private celebration. There exists an opportunity for all stakeholders to come together to craft a balanced, risk-based approach in between policy and addition, where all celebrations recognize that they have a role in the problem along with 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 a crucial part of the security device every day.
additional control over its borders and produces a collective environment for managing terrorist watch lists along with trafficking of weapons, drugs, and other contraband. Pre-clearance facilities in-region are an instrument for building a security collaboration (How to finance a franchise with no money). While the expense does not justify pre-clearance in every Caribbean country, a tactical look at increasing pre-clearance presence through a center and spoke system would be helpful to shared partnership and security. Diplomatic Presence. Representative Engel has actually long required the facility of a diplomatic existence 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 existence in all of the countries of the Eastern Caribbean, I think that there ought to at least be more powerful acknowledgment of the force that the OECS represents in the region, and at least one full Embassy needs to be developed there. Security and Disaster Strength. CCAA has run a Disaster Management Workshop Series with our partners from Tropical Shipping and other local partners for practically two decades. This occasion highlights the importance of public-private partnerships in catastrophe management. Previously focused really much on natural disasters, we now look at wider threats to the particular nations.
The area is susceptible to range of natural and other disasters and durability is crucial. Any breakdown has trade, financial, and security implications for the broader region and for its partners outside the region. A multi-country strategy created in collaboration with regional partners must be a part of the engagement. Time does not enable for the full variety of matters to be dealt with. Energy, for one, is a regional concern and there I would prompt continued U.S. engagement on the sustainable energy front, structure on the Vice President's hallmark Caribbean Energy Security Initiative. Moreover, Haiti stays a continuous challenge and the present political crisis has implications for the area as a whole.