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Other nations, consisting of China and Venezuela, are particularly proficient at these sorts of diplomatic initiatives. The goodwill they have actually stimulated in the area through such activities ought to be a wake-up call for Washington that the Caribbean Basin can not be considered approved. In the present environment the United States should compete for the Caribbean as indeed we have to compete 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 eagerly anticipate the questions you might have.

Farnsworth follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ———- Mr. Duncan. Thank you, Eric. Next witness extremely well understood to the committee too, 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 collaboration. Coming as it carries out in the wake of your house passage of H.R. 4939, we have an important opportunity to examine and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security interests in local stability are inherently linked and so, by extension, collaboration on critical financial, political, and social advancement problems need to be a foreign policy concern.

Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a substantial presence. The Islamic Development Bank has established considerable ties with financing in some Caribbean countries, and other nations varying from Qatar to Japan and Brazil have actually had a considerable effect on how and where the nations of the Caribbean have actually relied on look for trade and financing alternatives (Trade credit may be used to finance a major part of a firm's working capital when). The United States remains the area's main trading partner, but there is no doubt that when it pertains to total engagement other countries are filling, and sometimes exploiting, a vacuum. What can be done to construct this stronger partnership? I will speak to the locations of financial cooperation that our company believe might have an effect.

The 1983 Caribbean Basin Economic Recovery Act stays among the most generous nonreciprocal trade bills 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 noting that the Caribbean is the only area of the world where U.S. ship operators and U.S. nationals remain significant players in the international carriage of items by sea. When CBERA was passed, regional economies were quite oriented around farming and manufactured items. However, the world has altered. The economies today with some exceptions are mostly dominated by The original source travel and tourist, the financial services sector and other service based markets.

With H.R. 4939, the U.S. Government can examine what exists, where there are spaces, and recommend potential locations for trade and cooperation which show today's reality. Reporter Banking and De-risking. While the technical problems behind this are under discussion amongst your colleagues in the Financial Solutions Committee, and recently they sent a letter to the OCC asking for clearness 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 issue, but it is widely acknowledged that the Caribbean has actually been disproportionately affected because of the size of the marketplaces and the understanding of risk.

Federal government, global monetary organizations, associations, and the private sector to help determine services for the Caribbean. The CEO of the FIBA explains the scenario as follows: We are dealing with monetary addition 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 region in the location of monetary services (What happened to household finance corporation). When global banks sever relationships with local banks, there is a direct effect on economic growth, trade, and remittances. As important, when the costs of abiding by policies develop a concern on the genuine banks and they shut down, there is a hazard that underground or less regulated institutions will take their place.

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While we can all concur that the banking neighborhood's capability to fight cash laundering and terrorist financing is a shared priority, what we can not do is place excessive burdens on any specific celebration. There exists a chance for all stakeholders to come together to craft a well balanced, risk-based technique in between policy and inclusion, where all celebrations acknowledge that they have a function in the issue as well as in the solution. Travel and Tourism. Countless travelers move by air and sea in between the Caribbean and the U.S. every year. https://penzu.com/p/58286774 Air and sea ports are a critical part of the security device every day.

additional control over its borders and develops a collaborative environment for handling terrorist watch lists as well as trafficking of guns, drugs, and other contraband. Pre-clearance facilities in-region are an instrument for building a security collaboration (What are the two ways government can finance a budget deficit?). While the cost does not validate pre-clearance in every Caribbean country, a strategic appearance at increasing pre-clearance existence through a center and spoke system would be beneficial to shared partnership and security. Diplomatic Presence. Agent Engel has long called for the establishment of a diplomatic presence in the countries 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 cravings for diplomatic presence in all of the countries of the Eastern Caribbean, I believe that there need to at least be stronger recognition of the force that the OECS represents in the area, and at least one full Embassy must Look at this website be established there. Security and Catastrophe Resilience. CCAA has actually run a Catastrophe Management Workshop Series with our partners from Tropical Shipping and other local partners for nearly 20 years. This occasion underscores the importance of public-private partnerships in disaster management. Formerly focused quite on natural catastrophes, we now take a look at broader dangers to the particular countries.

The area is vulnerable to variety of natural and other catastrophes and durability is crucial. Any breakdown has trade, financial, and security implications for the wider region and for its partners outside the area. A multi-country strategy forged in partnership with local partners must belong of the engagement. Time does not permit the full series of matters to be dealt with. Energy, for one, is a regional concern and there I would advise ongoing U.S. engagement on the sustainable energy front, structure on the Vice President's trademark Caribbean Energy Security Effort. In addition, Haiti remains a continuous obstacle and the present political crisis has implications for the region as a whole.