Other nations, consisting of China and Venezuela, are particularly good at these sorts of diplomatic initiatives. The goodwill they have engendered in the region through such activities need to be a wake-up call for Washington that the Caribbean Basin can not be considered given. In the present environment the United States should contend for the Caribbean as certainly we have to compete for all of Latin America, and I think that additional U.S. efforts in the Caribbean would be rewarded. So Mr. Chairman, Mr. Ranking Member, thank you once again for the opportunity to join you. timeshare cancellation services It is an opportunity to do so, and I eagerly anticipate the questions you may have.
Farnsworth follows:] [GRAPHIC( S) NOT OFFERED IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness effectively known to the committee 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 timely hearing on the U.S.- Caribbean partnership. Coming as it carries out in the wake of your home passage of H.R. 4939, we have an essential opportunity to evaluate and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security interests in local stability are intrinsically connected therefore, by extension, partnership on crucial economic, political, and social development problems should be a foreign policy priority.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a significant existence. The Islamic Development Bank has actually established significant ties with financing in some Caribbean nations, and other countries varying from Qatar to Japan and Brazil have actually had a significant impact on how and where the countries of the Caribbean have turned to browse for trade and financing options (What was the reconstruction finance corporation). The United States remains the region's main trading partner, however there is no doubt that when it concerns overall engagement other nations are filling, and in many cases making use of, a vacuum. What can be done to develop get more info this more powerful partnership? I will talk to the areas of financial cooperation that our company believe could have an effect.
The 1983 Caribbean Basin Economic Recovery Act stays one of the most generous nonreciprocal trade expenses 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 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 significant gamers in the global carriage of products by sea. When CBERA was passed, local economies were really much oriented around farming and manufactured products. Nevertheless, the world has altered. The economies today with some exceptions are largely 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 prospective areas for trade and cooperation which reflect today's reality. Reporter Banking and De-risking. While the technical concerns behind this are under discussion among your colleagues in the Financial Solutions Committee, and recently they sent a letter to the OCC requesting clearness on the application of rules and compliance, this concern has actually been front and center for the nations of the Caribbean for a while. This is an international problem, but it is commonly acknowledged that the Caribbean has actually been disproportionately affected because of the size of the markets and the perception of risk.
Federal government, global banks, associations, and the private sector to help determine solutions for the Caribbean. The CEO of the FIBA explains the scenario as follows: We are dealing with monetary addition in developing countries and de- running the risk of is then blocking access to fund. This totals up to a de facto embargo on the area in the area of monetary services (What do you need to finance a car). When international banks sever relationships with local banks, there is a direct influence on economic development, trade, and remittances. As essential, when the costs of adhering to policies create a burden on the legitimate banks and they shut 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 neighborhood's capability to combat cash laundering and terrorist funding is a shared concern, what we can refrain from doing is place unnecessary concerns on any individual party. There exists an opportunity for all stakeholders to come together to craft a well balanced, risk-based technique between regulation and inclusion, where all parties acknowledge that they have a function in the problem as well as in the option. Travel and Tourist. Millions of travelers move by air and sea between the Caribbean and the U.S. every year. Air and sea ports are a vital part of the security apparatus every day.
extra 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 building a security collaboration (What does ear stand for in finance). While the cost does not validate pre-clearance in every Caribbean nation, a strategic look at increasing pre-clearance presence through a hub and spoke system would be beneficial to shared cooperation and security. Diplomatic Existence. Representative Engel has actually long called for the facility of a diplomatic existence in the countries of the Eastern Caribbean. There are 9 member states of the Company of Eastern Caribbean States, six of which are independent.
If there is no hunger for diplomatic presence in all of the countries of the Eastern Caribbean, I believe that there ought to a minimum of be more powerful recognition of the force that the OECS represents in the area, and at least one complete Embassy should be established there. Security and Disaster Durability. CCAA has actually run a Catastrophe Management Workshop Series with our partners from Tropical Shipping and other local partners for practically 2 decades. This occasion underscores the value of public-private collaborations in catastrophe management. Formerly focused quite on natural catastrophes, we now look at more comprehensive dangers to the specific countries.
The region is vulnerable to variety of natural and other catastrophes and strength is vital. Any breakdown has trade, financial, and security ramifications for the more timeshare ripoff comprehensive area and for its partners outside the area. A multi-country technique forged in collaboration with local partners ought to be a part of the engagement. Time does not allow for the complete variety of matters to be resolved. Energy, for one, is a regional top priority and there I would advise continued U.S. engagement on the sustainable energy front, building on the Vice President's trademark Caribbean Energy Security Initiative. In addition, Haiti stays an ongoing challenge and the present political crisis has implications for the region as a whole.