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Other nations, including China and Venezuela, are especially good at these sorts of diplomatic initiatives. The goodwill they have engendered in the area through such activities must be a wake-up call for Washington that the Caribbean Basin can not be taken for given. In the existing environment the United States must compete for the Caribbean as certainly 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 a benefit to do so, and I anticipate the questions you may have.

Farnsworth follows:] [GRAPHIC( S) NOT OFFERED IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness extremely well known to the committee Helpful hints as well, Sally Yearwood, you are acknowledged 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 collaboration. Coming as it carries out in the wake of your home passage of H.R. 4939, we have an essential chance to examine and recalibrate the relationship. The Caribbean is the United States' third border. U.S. security interests in regional stability are inherently linked therefore, by extension, collaboration 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 considerable presence. The Islamic Advancement Bank has established significant ties with funding in some Caribbean countries, and other countries ranging from Qatar to Japan and Brazil have actually had a substantial influence on how and where the countries of the Caribbean have actually turned to look for trade and financing options (How to finance a home addition). The United States stays the region's primary trading partner, but there is no doubt that when it pertains to 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 talk to the areas of economic cooperation that we think could have an effect.

The 1983 Caribbean Basin Economic Recovery Act remains among the most generous nonreciprocal trade expenses ever given 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 players in the international carriage of items by sea. When CBERA was passed, local economies were quite oriented around agricultural and manufactured products. Nevertheless, the world has altered. The economies today with some exceptions are mainly dominated by travel and tourist, the financial 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 advise possible areas for trade and cooperation which show today's truth. Reporter Banking and De-risking. While the technical problems behind this are under discussion amongst your coworkers in the Financial Solutions Committee, and recently they sent out a letter to the OCC requesting clearness on the application of rules and compliance, this problem has actually been front and center for the countries of the Caribbean for a while. This is a global issue, however it is commonly acknowledged that the Caribbean has been disproportionately affected because of the size of the markets and the perception of risk.

Federal government, worldwide financial organizations, associations, and the economic sector to assist determine options for the Caribbean. The CEO of the FIBA explains the scenario as follows: We are working on monetary addition in developing nations and de- running the risk of is then obstructing access to finance. This totals up to a de facto embargo on the region in the area of financial services (What credit score is needed to finance a car). When global banks sever relationships with regional banks, there is a direct effect on financial development, trade, and remittances. As important, when the costs of complying with regulations create a concern on the genuine banks and they shut down, there is a hazard that underground or less regulated institutions will take their location.

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While we can all concur that the banking neighborhood's ability to combat cash laundering and terrorist funding is a shared priority, what we can not do is place unnecessary problems on any specific celebration. There exists an opportunity for all stakeholders to come together to craft a balanced, risk-based mcdowell and sons technique in between regulation and inclusion, where all celebrations acknowledge that they have a role in the problem along with in the option. Travel and Tourist. Countless tourists 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 develops a collective environment for handling terrorist watch lists in addition to trafficking of guns, drugs, and other contraband. Pre-clearance centers in-region are an instrument for building a security partnership (How old of an rv can you finance). While the cost does not validate pre-clearance in help for timeshare owners every Caribbean nation, a tactical appearance at increasing pre-clearance existence through a hub and spoke system would be helpful to shared cooperation and security. Diplomatic Existence. Agent Engel has actually long called for the facility of a diplomatic existence in the nations of the Eastern Caribbean. There are nine member states of the Organization of Eastern Caribbean States, six of which are independent.

If there is no appetite for diplomatic existence in all of the nations of the Eastern Caribbean, I think that there should at least be more powerful acknowledgment of the force that the OECS represents in the area, and a minimum of one full Embassy must be developed there. Security and Disaster Resilience. CCAA has actually run a Catastrophe Management Workshop Series with our partners from Tropical Shipping and other regional partners for almost 20 years. This event highlights the significance of public-private partnerships in disaster management. Previously focused really much on natural disasters, we now take a look at wider risks to the particular nations.

The area is susceptible to series of natural and other catastrophes and resilience is critical. Any breakdown has trade, economic, and security ramifications for the more comprehensive region and for its partners outside the area. A multi-country strategy forged in cooperation with local partners should belong of the engagement. Time does not enable the full variety of matters to be resolved. Energy, for one, is a regional concern and there I would prompt ongoing U.S. engagement on the sustainable energy front, building on the Vice President's hallmark Caribbean Energy Security Initiative. Furthermore, Haiti stays an ongoing difficulty and the existing political crisis has implications for the region as a whole.