Other countries, including China and Venezuela, are particularly proficient at these sorts of diplomatic efforts. The goodwill they have stimulated in the area through such activities need to be a wake-up call for Washington that the Caribbean Basin can not be considered approved. In the existing environment the United States should contend for the Caribbean as undoubtedly we need 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 look forward to the concerns you may have.

Farnsworth follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness really well known to the committee also, 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 prompt hearing on the U.S.- Caribbean partnership. Coming as it does in the wake of your house passage of H.R. 4939, we have an important opportunity to evaluate and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security interests in regional stability are fundamentally linked and so, by extension, collaboration on important financial, political, and social development concerns should be a foreign policy priority.

Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a considerable existence. The Islamic Development Bank has established significant ties with funding in some Caribbean nations, and definition of timeshare other nations varying from Qatar to Japan and Brazil have had a considerable impact on how and where the countries of the Caribbean have turned to search for trade and funding options (How to finance a car from a private seller). The United States stays the area's main trading partner, however there is no doubt that when it concerns general engagement other nations are filling, and in some cases making use of, a vacuum. What can be done to build this stronger collaboration? I will speak to the locations of economic cooperation that we believe could have an effect.

The 1983 Caribbean Basin Economic Recovery Act remains 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 keeping in mind that the Caribbean is the only location of the world where U.S. ship operators and U.S. nationals remain considerable gamers in the worldwide carriage of products by sea. When CBERA was passed, regional economies were quite oriented around agricultural and manufactured products. However, the world has actually changed. The economies today with some exceptions are largely dominated by travel and tourism, the monetary services sector and other service based http://cashjfmm827.wpsuo.com/getting-the-what-time-does-world-finance-close-to-work industries.

With H.R. 4939, the U.S. Federal 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 conversation amongst your associates in the Financial Services Committee, and recently they sent out a letter to the OCC requesting clearness on the application of rules and compliance, this concern has been front and center for the countries of the Caribbean for a while. This is an international issue, however it is commonly acknowledged that the Caribbean has actually been disproportionately affected since of the size of the markets and the perception of threat.

Government, worldwide banks, associations, and the personal sector to assist determine solutions for the Caribbean. The CEO of the FIBA describes the scenario as follows: We are working on monetary addition in developing countries and de- risking is then obstructing access to fund. This amounts to a de facto embargo on the area in the area of monetary services (What is a finance charge on a credit card). When worldwide banks sever relationships with local banks, there is a direct effect on financial development, trade, and remittances. As important, when the expenses of complying with regulations create a problem on the legitimate banks and they shut 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 capability to combat cash laundering and terrorist funding is a shared top timeshare employment priority, what we can not do is place undue problems on any private celebration. There exists an opportunity for all stakeholders to come together to craft a well balanced, risk-based method between guideline and addition, where all celebrations acknowledge that they have a role in the issue in addition to in the service. Travel and Tourist. Millions of travelers move by air and sea in between the Caribbean and the U.S. every year. Air and sea ports are a critical part of the security apparatus every day.

additional control over its borders and produces a collective environment for managing terrorist watch lists in addition to trafficking of guns, drugs, and other contraband. Pre-clearance centers in-region are an instrument for building a security partnership (Which of these is the best description of personal finance). While the expense does not validate pre-clearance in every Caribbean nation, a strategic take a look at increasing pre-clearance existence through a hub and spoke system would be advantageous to shared cooperation 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 9 member states of the Company of Eastern Caribbean States, 6 of which are independent.

If there is no appetite for diplomatic presence in all of the nations of the Eastern Caribbean, I think that there need to a minimum of be stronger recognition of the force that the OECS represents in the region, and at least one complete Embassy must be developed there. Security and Catastrophe Resilience. CCAA has actually run a Catastrophe Management Workshop Series with our partners from Tropical Shipping and other regional partners for practically 20 years. This occasion highlights the importance of public-private collaborations in catastrophe management. Formerly focused very much on natural catastrophes, we now look at wider threats to the particular nations.

The area is susceptible to variety of natural and other catastrophes and durability is critical. Any breakdown has trade, financial, and security implications for the wider area and for its partners outside the area. A multi-country method forged in collaboration with local partners ought to belong of the engagement. Time does not allow for the full variety of matters to be resolved. Energy, for one, is a regional priority and there I would urge ongoing U.S. engagement on the sustainable energy front, structure on the Vice President's hallmark Caribbean Energy Security Initiative. Moreover, Haiti stays a continuous obstacle and the existing political crisis has implications for the region as a whole.