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Other nations, consisting of China and Venezuela, are particularly excellent at these sorts of diplomatic efforts. The goodwill they have engendered in the area through such activities ought to be a wake-up call for Washington that the Caribbean Basin can not be taken for given. In the present environment the United States need to contend for the Caribbean as certainly we have to compete 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 again for the opportunity to join you. It is an opportunity to do so, and I eagerly anticipate the questions you might have.

Farnsworth follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness very well known to the committee as well, Sally Yearwood, you are recognized for 5 minutes. DECLARATION 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 does in the wake of your house passage of H.R. 4939, we have an important opportunity to evaluate and recalibrate the relationship. The Caribbean is the United States' third border. U.S. security interests in local stability are fundamentally linked therefore, by extension, collaboration on critical financial, political, and social advancement problems should be a foreign policy top priority.

Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a substantial existence. The Islamic Development Bank has developed significant ties with funding in some Caribbean countries, and other countries ranging from Qatar to Japan and Brazil have had a substantial impact on how and where the nations of the Caribbean have actually turned to search for trade and funding alternatives (What is a note in finance). The United States stays the region's primary trading partner, but there is no doubt that when it pertains to overall engagement other nations are filling, and sometimes exploiting, a vacuum. What can be done to develop this stronger partnership? I will speak to the areas of financial cooperation that we believe might have an effect.

The 1983 Caribbean Basin Economic Healing Act stays one of the most generous nonreciprocal trade bills ever given by the U.S. The Caribbean Learn more here Basin remains a top ten trading partner with a balance of trade surplus in favor of the U.S. It is likewise worth noting that the Caribbean is the only area of the world where U.S. ship operators and U.S. nationals remain considerable gamers in the global carriage of goods by sea. When CBERA was passed, regional economies were very much oriented around farming and manufactured products. Nevertheless, the world has actually changed. The economies today with some exceptions are mainly 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 gaps, and recommend possible areas for trade and cooperation which reflect today's truth. Reporter Banking and De-risking. While the technical concerns behind this are under discussion amongst your coworkers in the Financial Services Committee, and recently they sent a letter to the OCC requesting clearness on the application of rules and compliance, this problem has been front and center for the nations of the Caribbean for a while. This is a worldwide issue, but it is commonly acknowledged that the Caribbean has actually been disproportionately affected because of the size of the markets and the perception of threat.

Government, international monetary institutions, associations, and the economic sector to help determine options for the Caribbean. The CEO of the FIBA describes the situation as follows: We are working on monetary addition in establishing nations and de- running the risk of is then blocking access to finance. This amounts to a de facto embargo on the region in the area of financial services (Accounting vs finance which is harder). When global banks sever relationships with local banks, there is a direct effect on economic growth, trade, and remittances. As essential, when the costs of complying with policies create a problem on the genuine banks and they shut down, there is a threat that underground or less regulated institutions will take their location.

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While we can all agree that the banking neighborhood's capability to combat cash laundering and terrorist funding is a shared top priority, what we can not do is place excessive burdens on any individual party. There exists a chance for all stakeholders to come together to craft a well balanced, risk-based technique between guideline and addition, where all parties acknowledge that they have a function in the issue as well as in the service. 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 vital part of the security apparatus every day.

additional control over its borders and develops a collaborative environment for handling terrorist watch lists in addition to trafficking of guns, drugs, and other contraband. Pre-clearance facilities in-region are an instrument for developing a security partnership (How old of an rv can you finance). While the cost does not justify pre-clearance in every Caribbean nation, a strategic take a look at increasing pre-clearance presence through a hub and spoke system would be useful to shared partnership 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, 6 of which are independent.

If there is no hunger for diplomatic existence in all of the nations of the Eastern Caribbean, I believe that there ought to at least be stronger recognition of the force that the OECS represents in the region, and at least one full Embassy should be established there. Security and Catastrophe Durability. CCAA has actually run a Disaster Management Workshop Series with our partners from Tropical Shipping and other regional partners for almost twenty years. This event highlights the significance of public-private partnerships in disaster http://marcosrij059.yousher.com/4-simple-techniques-for-when-looking-to-finance-higher-education-what-is-the-best-order-to-look-for-funding-sources-a management. Previously focused quite on natural disasters, we now look at more comprehensive risks to the specific nations.

The region is susceptible to variety of natural and other catastrophes and resilience is important. Any breakdown has trade, economic, and security implications for the wider area and for its partners outside the area. A multi-country method forged in partnership with local partners should belong of the engagement. Time does not enable for the full series of matters to be addressed. Energy, for one, is a local concern and there I would advise ongoing U.S. engagement on the sustainable energy front, structure on the Vice President's hallmark Caribbean Energy Security Initiative. Moreover, Haiti stays a continuous difficulty and the present political crisis has wesley financial group fees implications for the area as a whole.