Other nations, including China and Venezuela, are especially good at these sorts of diplomatic efforts. The goodwill they have actually stimulated in the region through such activities need to be a wake-up call for Washington that the Caribbean Basin can not be considered approved. In the present environment the United States must contend for the Caribbean as certainly we have to contend for all of Latin America, and I believe that additional U.S. 15 steps on how to cancel timeshare contract for free efforts in the Caribbean would be rewarded. So Mr. Chairman, Mr. Ranking Member, thank you again for the chance to join you. It is an advantage to do so, and I look forward to the concerns you might have.
Farnsworth follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness extremely well known to the committee as well, 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 performs in the wake of your home passage of H.R. 4939, we have a crucial chance to examine and recalibrate the relationship. The Caribbean is the United States' third border. U.S. security interests in regional stability are inherently connected therefore, by extension, collaboration on important financial, political, and social advancement issues should be a foreign policy concern.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a substantial existence. The Islamic Development Bank has actually established substantial ties with financing in some Caribbean nations, and other countries ranging from Qatar to Japan and Brazil have actually had a significant influence on how and where the countries of the Caribbean have actually turned to browse for trade and funding alternatives (How to finance a car from a private seller). The United States remains the region's main trading partner, but there is no doubt that when it comes to general engagement other nations are filling, and in many cases exploiting, a vacuum. What can be done to develop this stronger partnership? I will talk to the locations of economic cooperation that we believe might have an impact.
The 1983 Caribbean Basin Economic Healing Act stays one of the most generous nonreciprocal trade bills ever granted 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 area of the world where U.S. ship operators and U.S. nationals remain considerable players in the international carriage of goods by sea. When CBERA was passed, local economies were really much oriented around farming and manufactured items. Nevertheless, the world has changed. The economies today with some exceptions are mainly controlled by travel and tourism, the financial services sector and other service based markets.
With H.R. 4939, the U.S. Government can analyze what exists, where there are spaces, and suggest potential locations for trade and cooperation which show today's reality. Correspondent Banking and De-risking. While the technical problems behind this are under discussion amongst your associates in the Financial Solutions Committee, and just recently they sent out a letter to the OCC requesting clearness on the application of guidelines and compliance, this problem has been front and center for the nations of the Caribbean for a while. This is a worldwide problem, but it is commonly acknowledged that the Caribbean has been disproportionately impacted because of the size of the markets and the perception of danger.
Government, international banks, associations, and the personal sector to help identify solutions for the Caribbean. The CEO of the FIBA explains the circumstance as follows: We are dealing with monetary inclusion in developing nations and de- risking is then obstructing access to finance. This amounts to a de facto embargo on the area in the area of monetary services (What does nav stand for in finance). When international banks sever relationships with regional banks, there is a direct effect on financial development, trade, and remittances. As important, when the expenses of abiding by policies develop a burden my wfg com on the genuine banks and they shut down, there is a threat that underground or less regulated institutions will take their place.
Little Known Questions About How To Finance A Pool With No Equity.
While we can all agree that the banking community's ability to combat cash laundering and terrorist financing is a shared priority, what we can not do is location undue problems on any specific celebration. There exists a chance for all stakeholders to come together to craft a balanced, risk-based method in between policy and addition, where all parties recognize that they have a role in the issue along with in the service. Travel and Tourist. Millions of tourists move by air and sea in between the Caribbean and the U.S. every year. Air and sea ports are Go to the website a vital part of the security device every day.
additional control over its borders and produces a collaborative environment for managing 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 partnership (What does etf stand for in finance). While the cost does not justify pre-clearance in every Caribbean nation, a tactical appearance at increasing pre-clearance existence through a hub and spoke system would be advantageous to shared partnership and security. Diplomatic Presence. Representative Engel has long called for the establishment of a diplomatic presence 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 existence in all of the countries of the Eastern Caribbean, I think that there ought to at least be stronger recognition of the force that the OECS represents in the region, and a minimum of one full Embassy needs to be established there. Security and Catastrophe Strength. CCAA has run a Disaster Management Workshop Series with our partners from Tropical Shipping and other regional partners for nearly 20 years. This event underscores the importance of public-private partnerships in catastrophe management. Previously focused quite on natural disasters, we now take a look at broader dangers to the specific countries.
The region is susceptible to variety of natural and other catastrophes and durability is important. Any breakdown has trade, financial, and security implications for the broader area and for its partners outside the area. A multi-country strategy forged in collaboration with regional partners should be a part of the engagement. Time does not permit the full variety of matters to be addressed. Energy, for one, is a regional priority 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. Moreover, Haiti stays a continuous challenge and the present political crisis has ramifications for the region as a whole.