[House Hearing, 114 Congress] [From the U - Why are you interested in finance.S. Government Publishing Workplace] THE STRATEGIC IMPORTANCE OF BUILDING A STRONGER U.S.-- CARIBBEAN PARTNERSHIP ======================================================================= HEARING BEFORE THE SUBCOMMITTEE ON THE WESTERN HEMISPHERE OF THE COMMITTEE ON FOREIGN AFFAIRS LEGISLATURE ONE HUNDRED FOURTEENTH CONGRESS SECOND SESSION JULY 14, 2016 Serial No. 114-189 Printed for the use of the Committee on Foreign Affairs [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] Readily available by means of the World Wide Web: http://www. foreignaffairs.house. gov/ or http://www. gpo.gov/ fdsys/ _ U.S. FEDERAL GOVERNMENT PUBLISHING OFFICE 20-749PDF WASHINGTON: 2016 ----------------------------------------------------------------------- For sale by the Superintendent of Files, U.S. Government Publishing Office Internet: bookstore.
ROYCE, California, Chairman CHRISTOPHER H. SMITH, New Jersey ELIOT L. ENGEL, New York City ILEANA ROS-LEHTINEN, Florida BRAD SHERMAN, California DANA ROHRABACHER, California GREGORY W. MEEKS, New York City STEVE CHABOT, Ohio ALBIO SIRES, New Jersey JOE WILSON, South Carolina GERALD E. CONNOLLY, Virginia MICHAEL T. Mc, CAUL, Texas THEODORE E. DEUTCH, Florida TED POE, Texas BRIAN HIGGINS, New York City MATT SALMON, Arizona KAREN BASS, California DARRELL E. ISSA, California WILLIAM KEATING, Massachusetts TOM MARINO, Pennsylvania DAVID CICILLINE, Rhode Island JEFF DUNCAN, South Carolina ALAN GRAYSON, Florida MO BROOKS, Alabama AMI BERA, California PAUL COOK, California ALAN S. LOWENTHAL, California RANDY K.
YOHO, Florida ROBIN L. KELLY, Illinois CURT CLAWSON, Florida BRENDAN F. BOYLE, Pennsylvania SCOTT Des, JARLAIS, Tennessee REID J. What is a cd in finance. RIBBLE, Wisconsin DAVID A. TROTT, Michigan LEE M. ZELDIN, New York City DANIEL DONOVAN, New York Amy Porter, Chief of Staff Thomas Sheehy, Staff Director Jason Steinbaum, Democratic Staff Director ------ Subcommittee on the Western Hemisphere JEFF DUNCAN, South Carolina, Chairman CHRISTOPHER H. SMITH, New Jersey ALBIO SIRES, New Jersey ILEANA ROS-LEHTINEN, Florida JOAQUIN CASTRO, Texas MICHAEL T. Mc, CAUL, Texas ROBIN L. KELLY, Illinois MATT SALMON, Arizona GREGORY W. MEEKS, New York RON De, SANTIS, Florida ALAN GRAYSON, Florida TED S.
LOWENTHAL, California DANIEL DONOVAN, New York C O N T E N T S ---------- Page WITNESSES Mr. Eric Farnsworth, vice president, Council of the Americas and chuck mcdowell wiki Americas Society ... ... ... ... ... ... ... ...... 4 Ms. Sally Yearwood, executive director, Caribbean-Central American Action ... ... ... ... ... ... ... ... ... ... 10 His Excellency Richard Bernal, pro-vice chancellor for international affairs, University of the West Indies in Jamaica ... ... ... 24 LETTERS, STATEMENTS, AND SO ON, SUBMITTED FOR THE HEARING Mr. Eric Farnsworth: Prepared statement ... ... ... ...... 7 Ms. Sally Yearwood: Prepared statement ... ... ... ...... 13 His Excellency Richard Bernal: Prepared declaration ... ...... 26 APPENDIX Hearing notice ... ... ... ... ... ... ... ... ...... 40 Hearing minutes ... ... ... ... ... ... ... ... ... ... 41 THE STRATEGIC SIGNIFICANCE OF STRUCTURE A STRONGER U.S.-- CARIBBEAN COLLABORATION ---------- THURSDAY, JULY 14, 2016 Legislature, Subcommittee on the Western Hemisphere, Committee on Foreign Affairs, Washington, DC. Jeff Duncan (chairman of the subcommittee )administering. Mr. Duncan. Okay. A quorum existing, the subcommittee will pertain to order.
I would now like to acknowledge myself for an opening statement. Thank you, guys, for your patience. Today, we require to highlight an extremely important region in our hemisphere that sadly frequently gets overlooked. Much of our Caribbean buddies have consistently urged the United States to pay more attention to the Caribbean, and I desire you to understand that I have heard you. I would likewise like to thank Ranking Member Sires in particular for his management in working to prioritize this subcommittee's focus on the Caribbean. However, while these are definitely essential strengths for the region, the Caribbean has a lot more to provide which U.S. organizations, universities, and local.
neighborhoods should think about when preparing future investment, academic research, or where to develop more powerful financial ties. One of the primary tools of U.S. engagement with CARICOM nations is the Caribbean Basin Initiative, or CBI, which was developed in 1983. Can we turn that sound down a little bit, sir? Can we turn that down just a bit? Okay. Which was produced in 1983 and has consequently expanded to offer 17 countries and reliant areas with duty-free access to U.S. This engagement has actually caused a 44-percent how to get rid of parents timeshare increase in U.S. exports to the Caribbean over the previous 10 years, and in 2015 the overall trade relationship between the U.S.
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and the Caribbean was $33. 4 billion. I believe it is critical to work with our neighbors to mutually promote financial development Learn more here through trade liberalization, regard for the rule of law, and adherence to free enterprise concepts in order to achieve prosperity that is sustainable for the region. What does ear stand for in finance. In addition, I am a firm fan of much deeper U.S.-Caribbean energy relations. To me it is a win-win situation. U.S. has an abundance of oil, natural gas, and technical know-how, and the Caribbean has a few of the highest energy costs on the planet and needs to reduce these costs by building facilities for delivering energy, integrating energy markets to bring in investment and financing, and develop pipelines and liquified gas frameworks. After all, the United States is the biggest energy manufacturer in the Western Hemisphere; collectively with Mexico and Canada, North America represents 71 percent of the hemisphere.
's unrefined oil and 28 percent of gas reserves in the hemisphere. Likewise, Argentina, Brazil, Colombia, Peru, and Trinidad and Tobago have considerable oil and natural gas production. In my view, freedom-loving, market-friendly, energy-producing countries in this hemisphere should be working more closely together to pursue hemisphere-acquired, energy self-reliance and that implies assisting non-energy producing countries consisting of the Caribbean neighbors in reaching this goal. Eventually, if the Western Hemisphere were more energy independent it would go a long way to transforming our societies and security and self-reliance and our financial growth. and CARICOM. Nevertheless, I remain concerned about the growing security challenges in the area from global criminal organizations that look for to utilize the region to deliver drugs, migrants, and contraband to United States shores. The Caribbean Basin.
Security Initiative is another tool the United States has actually used since 2010 to resolve regional security problems, and given the Caribbean's strategic place to U.S. homeland, we require to keep thinking about ways to improve CBSI and more successfully cooperate with the regional partners to manage borders, block criminal groups 'capability to make use of permissive environments to their benefit. I am also concerned about the people from the Caribbean that have actually joined Islamic extremist organizations. Southern Command, General Kelly, affirmed prior to Congress that near 100 people had actually left the Caribbean to go fight in Syria. At a subsequent rundown, he specifically named Jamaica, Siriname, and Trinidad and Tobago as having had people leave for the battlefield. These hazards to the United States and regional security ought to inspire everyone; provide all of us a greater willingness to do more to reinforce security cooperation. Furthermore, I wish to explain at a previous subcommittee hearing on border security dangers in the area, I raised issues concerning reports that I had actually seen about resident by financial investment programs in the Caribbean which have enabled fraud, corruption, and exploitation by foreign nationals.