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Other countries, consisting of China and Venezuela, are particularly good at these sorts of diplomatic efforts. The goodwill they have actually stimulated in the region through such activities must 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 undoubtedly 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 opportunity to join you. It is a benefit to do so, and I look forward to the questions get out of timeshare legally you might have.

Farnsworth follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness extremely well known to the committee also, Sally Yearwood, you are acknowledged 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 prompt hearing on the U.S.- Caribbean collaboration. Coming as it does in the wake of your home passage of H.R. 4939, we have a crucial opportunity to examine and recalibrate the relationship. The Caribbean is the United States' third border. U.S. security interests in regional stability are inherently connected therefore, by extension, collaboration on critical financial, political, and social advancement problems need to 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 actually developed significant ties with funding in some Caribbean nations, and other countries varying from Qatar to Japan and Brazil have had a substantial influence on how and where the countries of the Caribbean have actually relied on search for trade and financing alternatives (What jobs can i get with a finance degree). The United States remains the area's primary trading partner, however there is no doubt that when it pertains to overall engagement other nations are filling, and in some cases making use of, a vacuum. What can be done to construct this stronger collaboration? I will talk to the locations of financial cooperation that our company believe might have an effect.

The 1983 Caribbean Basin Economic Healing Act remains one of the most generous nonreciprocal trade costs ever approved 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 likewise worth keeping in mind that the Caribbean is the only location of the world where U.S. ship operators and U.S. nationals stay significant gamers in the worldwide carriage of goods by sea. When CBERA was passed, local economies were quite oriented around agricultural and manufactured items. However, the world has altered. The economies today with some exceptions are mostly controlled by travel and tourist, 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. Reporter Banking and De-risking. While Go to this website the technical problems behind this are under conversation among your associates in the Financial Providers Committee, and recently they sent out a letter to the OCC requesting clarity 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 an international issue, however it is extensively acknowledged that the Caribbean has been disproportionately affected because of the size of the marketplaces and the perception of danger.

Federal government, worldwide financial institutions, associations, and the economic sector to help determine services for the Caribbean. The CEO of the FIBA describes the scenario as follows: We are working on monetary inclusion in establishing nations and de- risking is then blocking access to finance. This amounts to a de facto embargo on the area in the location of monetary services (How many years can you finance a boat). When worldwide banks sever relationships with local banks, there is a direct influence on financial growth, trade, and remittances. As essential, when the costs of adhering to regulations develop a burden on the genuine banks and they close down, there is a danger that underground or less regulated institutions will take their place.

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While we can all agree that the banking neighborhood's ability to fight money laundering and terrorist financing is a shared priority, what we can refrain from doing is place excessive concerns on any specific party. There exists an opportunity for all stakeholders to come together to craft a well balanced, risk-based method in between regulation and addition, where all celebrations recognize that they have a function in the issue in addition to in the option. Travel and Tourist. Countless tourists move by air and sea 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 creates a collective environment for managing terrorist watch lists along with trafficking of weapons, drugs, and other contraband. Pre-clearance centers in-region are an instrument for constructing a security collaboration (How to finance an engagement ring). While the cost does not validate pre-clearance in every Caribbean country, 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 long called for the establishment of a diplomatic existence in the countries 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 cravings for diplomatic existence in all of the countries of the Eastern Caribbean, I believe that there must a minimum of be stronger acknowledgment of the force that the OECS represents Extra resources in the region, and at least one complete Embassy needs to be established there. Security and Disaster Durability. CCAA has actually run a Disaster Management Workshop Series with our partners from Tropical Shipping and other regional partners for practically 2 years. This occasion underscores the importance of public-private collaborations in disaster management. Formerly focused quite on natural disasters, we now look at wider hazards to the specific countries.

The area is vulnerable to variety of natural and other catastrophes and resilience is important. Any breakdown has trade, economic, and security implications for the wider region and for its partners outside the region. A multi-country method forged in partnership with local partners need to belong of the engagement. Time does not permit the complete variety of matters to be addressed. Energy, for one, is a local concern and there I would urge continued U.S. engagement on the sustainable energy front, structure on the Vice President's hallmark Caribbean Energy Security Initiative. Additionally, Haiti stays an ongoing obstacle and the current political crisis has ramifications for the region as a whole.