Other nations, consisting of China and Venezuela, are particularly great at these sorts of diplomatic initiatives. The goodwill they have stimulated in the area through such activities should be a wake-up call for Washington that the Caribbean Basin can not be considered granted. In the current environment the United States must compete for http://felixdeeg980.lucialpiazzale.com/how-what-time-does-world-finance-close-can-save-you-time-stress-and-money the Caribbean as undoubtedly we need 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 once again for the opportunity to join you. It is a benefit to do so, and I look forward to the concerns you may have.
Farnsworth follows:] [GRAPHIC( S) NOT OFFERED IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness effectively understood 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 carries out in the wake of your home passage of H.R. 4939, we have an important chance to assess and recalibrate the relationship. The Caribbean is the United States' third border. U.S. security interests in local stability are inherently connected therefore, by extension, partnership on critical financial, political, and social development problems should be a foreign policy concern.
Russia, China, Canada, wesley management Taiwan, Venezuela, and the European Union all have a significant presence. The Islamic Development Bank has actually developed considerable ties with financing in some Caribbean nations, and other nations varying from Qatar to Japan and Brazil have actually had a significant effect on how and where the nations of the Caribbean have turned to search for trade and financing alternatives (What does ear stand for in finance). The United States remains the area's main trading partner, but there is no doubt that when it concerns general engagement other nations are filling, and sometimes exploiting, a vacuum. What can be done to construct this stronger partnership? I will speak with the areas of financial cooperation that our company believe might have an impact.
The 1983 Caribbean Basin Economic Healing Act remains among the most generous nonreciprocal trade bills ever given by the U.S. The Caribbean Basin stays a top 10 trading partner with a balance of trade surplus in favor of the U.S. It is also worth noting that the Caribbean is the only location of the world where U.S. ship operators and U.S. nationals remain significant gamers in the international carriage of items by sea. When CBERA was passed, regional economies were quite oriented around agricultural and manufactured items. Nevertheless, the world has altered. The economies today with some exceptions are mostly controlled by travel and tourist, the financial 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 suggest 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 among your coworkers in the Financial Solutions Committee, and recently they sent a letter to the OCC asking for clarity on the application of guidelines and compliance, this concern has actually been front and center for the countries of the Caribbean for a while. This is a worldwide problem, however it is commonly acknowledged that the Caribbean has been disproportionately affected because of the size of the marketplaces and the understanding of threat.
Federal government, worldwide banks, associations, and the private sector to help recognize solutions for the Caribbean. The CEO of the FIBA explains the circumstance as follows: We are working on monetary addition in developing nations and de- risking is then blocking access to fund. This amounts to a de facto embargo on the area in the area of monetary services (How to become a finance manager at a car dealership). When global banks sever relationships with regional banks, there is a direct impact on economic development, trade, and remittances. As important, when the expenses of adhering to policies develop a burden on the genuine banks and they close down, there is a danger that underground or less regulated organizations will take their location.
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While we can all agree that the banking community's ability to combat money laundering and terrorist financing is a shared concern, what we can refrain from doing is location undue concerns on any specific party. There exists an opportunity for all stakeholders to come together to craft a well balanced, risk-based approach in between regulation and addition, where all celebrations acknowledge that they have a role in the problem in addition to in the option. Travel and Tourism. 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 collective environment for managing terrorist watch lists as well as timeshare selling team trafficking of guns, drugs, and other contraband. Pre-clearance facilities in-region are an instrument for building a security collaboration (What happened to household finance corporation). While the cost does not justify pre-clearance in every Caribbean nation, a strategic take a look at increasing pre-clearance existence through a center and spoke system would be useful to shared cooperation and security. Diplomatic Presence. 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 hunger for diplomatic presence in all of the countries of the Eastern Caribbean, I think that there should a minimum of be more powerful acknowledgment of the force that the OECS represents in the region, and a minimum of one full Embassy needs to be developed there. Security and Disaster Resilience. CCAA has run a Catastrophe Management Workshop Series with our partners from Tropical Shipping and other local partners for nearly twenty years. This event underscores the importance of public-private partnerships in disaster management. Formerly focused quite on natural disasters, we now take a look at more comprehensive hazards to the particular nations.
The area is susceptible to variety of natural and other catastrophes and resilience is vital. Any breakdown has trade, financial, and security ramifications for the wider area and for its partners outside the region. A multi-country strategy forged in cooperation with regional partners must belong of the engagement. Time does not allow for the full series of matters to be attended to. Energy, for one, is a local priority 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 an ongoing difficulty and the existing political crisis has ramifications for the region as a whole.