Other countries, including China and Venezuela, are especially proficient 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 existing environment the United States need to contend for the Caribbean as certainly we need 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 a privilege to do so, and I eagerly anticipate the questions you might have.
Farnsworth follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness effectively understood to the committee as well, 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 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 a crucial opportunity to assess and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security interests in local stability are inherently connected and so, by extension, cooperation on crucial financial, political, and social development problems need us financial group to be a foreign policy priority.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a substantial existence. The Islamic Development Bank has established considerable ties with financing in some Caribbean nations, and other nations ranging from Qatar to Japan and Brazil have actually had a substantial influence on how and where the nations of the Caribbean have actually turned to browse for trade and funding alternatives (What does leverage mean in finance). The United States stays the region's primary trading partner, however there is no doubt that when it concerns overall engagement other countries are filling, and sometimes making use of, a vacuum. What can be done to develop this stronger partnership? I will speak with the locations of economic cooperation that we believe could have an effect.
The 1983 Caribbean Basin Economic Recovery Act remains one of the most generous nonreciprocal trade bills ever approved by the U.S. The Caribbean Basin remains a leading 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 stay significant gamers in the worldwide carriage of items by sea. When CBERA was passed, local economies were quite oriented around agricultural and manufactured items. Nevertheless, the world has altered. The economies today with some exceptions are largely controlled by travel and tourist, the monetary services sector and other service based industries.
With H.R. 4939, the U.S. Federal government can examine what exists, where there are gaps, and recommend potential areas for trade and cooperation which show today's reality. Correspondent Banking and De-risking. While the technical issues behind this are under discussion amongst your associates in the Financial Services Committee, and just recently they sent out a letter to the OCC asking for clarity 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 widely acknowledged that the Caribbean has been disproportionately impacted due to the fact that of the size of the marketplaces and the perception of danger.
Federal government, global monetary organizations, associations, and the personal sector to assist recognize options for the Caribbean. The CEO of the FIBA explains the scenario as follows: We are working on financial inclusion in establishing nations and de- running the risk of is then blocking access to finance. This totals up to a de facto embargo on the area in the location of financial services (What does finance a car mean). When international banks sever relationships with local banks, there is a direct influence on economic growth, trade, and remittances. As crucial, when the expenses of abiding by guidelines produce a concern on the genuine banks and they shut down, there is a risk that underground or less regulated institutions will take their location.
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While we can all concur that the banking neighborhood's capability to combat money laundering and terrorist funding is a shared concern, what we can refrain from doing is location excessive concerns on any specific party. There exists an opportunity for all stakeholders to come together to craft a well balanced, risk-based technique in between guideline and addition, where all parties acknowledge that they have a function in the issue along with in the service. Travel and Tourism. 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 collaborative environment for handling terrorist watch lists along with trafficking of guns, drugs, and other contraband. Pre-clearance centers in-region are an instrument for building a security collaboration (How to find the finance charge). While the expense does not validate pre-clearance in every Caribbean country, a tactical look at increasing pre-clearance existence through a center and spoke system would be helpful to shared partnership and security. Diplomatic Presence. Representative Engel has long called for the facility of a diplomatic presence in the nations of the Eastern Caribbean. There are nine member states of the Company 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 must a minimum of be more powerful acknowledgment of the force that the OECS represents in the area, and at least one full Embassy should be established there. Discover more here Security and Disaster Durability. CCAA has actually run a Disaster Management Workshop Series with our partners from Tropical Shipping and other local partners for nearly 2 decades. This event underscores the value of public-private partnerships in disaster management. Previously focused quite on natural catastrophes, we now timeshare rip offs look at wider threats to the particular countries.
The area is vulnerable to series of natural and other disasters and strength is critical. Any breakdown has trade, financial, and security implications for the broader area and for its partners outside the region. A multi-country method created in cooperation with local partners must be a part of the engagement. Time does not enable the complete variety of matters to be dealt with. 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 Effort. Furthermore, Haiti remains an ongoing challenge and the current political crisis has ramifications for the area as a whole.