Other nations, consisting of China and Venezuela, are especially good at these sorts of diplomatic efforts. The goodwill they have engendered in the area through such activities must be a wake-up call for Washington that the Caribbean Basin can not be taken for granted. In the existing environment the United States must compete for the Caribbean as certainly we need to contend for all of Latin America, and I believe that additional U.S. efforts in how much is a timeshare the Caribbean would be rewarded. So Mr. Chairman, Mr. Ranking Member, thank you once again for the opportunity to join you. It is an advantage to do so, and I anticipate the questions you might have.
Farnsworth follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Thank you, Eric. Next witness very well known 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 partnership. Coming as it carries out in the wake of your house passage of H.R. 4939, we have an important chance to evaluate and recalibrate the relationship. The Caribbean is the United States' 3rd border. U.S. security interests in regional stability are intrinsically connected therefore, by extension, cooperation on important economic, political, and social advancement issues should be a diplomacy concern.
Russia, China, Canada, Taiwan, Venezuela, and the European Union all have a substantial presence. The Islamic Advancement Bank has established substantial ties with funding in some Caribbean nations, and other nations ranging from Qatar to Japan and Brazil have had a considerable influence on how and where the nations of the Caribbean have actually relied on browse for trade and financing options (What is a note in finance). The United States stays the area's main trading partner, but there is no doubt that when it concerns overall engagement other nations are filling, and sometimes exploiting, a vacuum. What can be done to build this more powerful partnership? I will speak with the areas of financial cooperation that our company believe could have an impact.
The 1983 Caribbean Basin Economic Recovery Act stays among the most generous nonreciprocal trade bills ever granted by the U.S. The Caribbean Basin remains a leading 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 substantial gamers in the international carriage of goods by sea. When CBERA was passed, regional economies were quite oriented around agricultural and manufactured products. However, the world has changed. The economies today with some exceptions are largely controlled by travel and tourism, the financial services sector and other service based markets.
With H.R. 4939, the U.S. Federal government can examine what exists, where there are gaps, and advise possible areas for trade and cooperation which reflect today's reality. Reporter Banking and De-risking. While the technical problems behind this are under conversation amongst your colleagues in the Financial Providers Committee, and recently they sent a letter to the OCC asking for clarity 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 a worldwide issue, but it is extensively acknowledged that the Caribbean has been disproportionately affected since of the size of the markets and the perception of risk.
Federal government, international banks, associations, and the economic sector to help determine options for the Caribbean. The CEO of the FIBA explains the situation as follows: We are working on monetary inclusion in developing countries and de- risking is then blocking access to fund. This amounts to a de facto embargo on the region in the area of financial services (What does ach stand for in finance). When global banks sever relationships with regional banks, there is a direct impact on financial growth, trade, and remittances. As important, when the expenses of abiding by regulations produce a concern on the legitimate banks and they close down, there is a threat that underground or less regulated organizations will take their place.
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While we can all agree that the banking neighborhood's capability to combat money laundering and terrorist funding is a shared top priority, what we can not do is place excessive concerns on any private celebration. There exists a chance for all stakeholders to come together to craft a well balanced, risk-based method between guideline and addition, where all parties acknowledge that they have a function in the problem as well as in the solution. Travel and Tourist. Countless travelers move by air and sea in between the Caribbean and the U.S. every year. Air and sea ports are an important part of the security apparatus every day.
additional control over its borders and develops a collaborative environment for managing 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 (How do you finance a car). While the expense does not validate pre-clearance in every Caribbean nation, a tactical appearance at increasing pre-clearance existence through a center and spoke system would be helpful to shared cooperation and security. Diplomatic Presence. Representative Engel has actually long required the facility of a diplomatic presence in the nations of the Eastern Caribbean. There are 9 member states of the Organization of Eastern Caribbean States, six of which are independent.
If there is no cravings for diplomatic presence in all of the nations of the Eastern Caribbean, I believe that there need to a minimum of be stronger acknowledgment of the force that the OECS represents in the area, and a minimum of one complete Embassy should be established 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 almost 20 years. This occasion underscores the value of public-private collaborations in disaster management. Formerly focused very much on natural catastrophes, we now take a look at wider dangers to the specific countries.
The area is vulnerable to series of natural and other catastrophes and strength is important. Any breakdown has trade, economic, and security implications for the broader area and for its partners outside the region. A multi-country technique created in cooperation with local partners must belong of the engagement. Time does not allow for the full series of matters to be addressed. Energy, for one, is a local concern and there I would prompt ongoing U.S. engagement on the sustainable energy front, building on the Vice View website President's trademark Caribbean Energy Security Effort. In addition, Haiti remains a continuous obstacle and the current political crisis has implications for the region as a whole.