[Home Hearing, 114 Congress] [From the U - What is a finance charge on a credit card.S. Government Publishing Click here for info Workplace] THE STRATEGIC SIGNIFICANCE OF BUILDING A STRONGER U.S.-- CARIBBEAN PARTNERSHIP ======================================================================= HEARING BEFORE THE SUBCOMMITTEE ON THE WESTERN HEMISPHERE OF THE COMMITTEE ON FOREIGN AFFAIRS HOME OF REPRESENTATIVES ONE HUNDRED FOURTEENTH CONGRESS SECOND SESSION JULY 14, 2016 Serial No. 114-189 Printed for using the Committee on Foreign Affairs [GRAPHIC( Click for more S) NOT OFFERED IN TIFF FORMAT] Offered by means of the Web: http://www. foreignaffairs.house. gov/ or http://www. gpo.gov/ fdsys/ _ U.S. GOVERNMENT PUBLISHING WORKPLACE 20-749PDF WASHINGTON: 2016 ----------------------------------------------------------------------- For sale by the Superintendent of Files, U.S. Federal 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 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. Why are you interested in finance. RIBBLE, Wisconsin DAVID A. TROTT, Michigan LEE M. ZELDIN, New York City DANIEL DONOVAN, New York Amy Porter, Chief of Personnel Thomas Sheehy, Personnel Director Jason Steinbaum, Democratic Personnel 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 City RON De, SANTIS, Florida ALAN GRAYSON, Florida TED S.
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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 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, DECLARATIONS, ETC., SUBMITTED FOR THE HEARING Mr. Eric Farnsworth: Prepared declaration ... ... ... ...... 7 Ms. Sally Yearwood: Prepared declaration ... ... ... ...... 13 His Excellency Richard Bernal: Prepared declaration ... ...... 26 APPENDIX Hearing notice ... ... ... ... ... ... ... ... ...... 40 Hearing minutes ... ... ... ... ... ... ... ... ... ... 41 THE TACTICAL IMPORTANCE OF STRUCTURE A STRONGER U.S.-- CARIBBEAN PARTNERSHIP ---------- THURSDAY, JULY 14, 2016 House of Representatives, Subcommittee on the Western Hemisphere, Committee on Foreign Affairs, Washington, DC. Jeff Duncan (chairman of the subcommittee )presiding. Mr. Duncan. Okay. A quorum existing, the subcommittee will concern order.
I would now like to recognize myself for an opening statement. Thank you, guys, for your patience. Today, we require to highlight a really important area in our hemisphere that regrettably typically gets ignored. A number of our Caribbean pals have repeatedly advised the United States to pay more attention to the Caribbean, and I want you to understand that I have heard you. I would also like to thank Ranking Member Sires in specific for his management in working to prioritize this subcommittee's concentrate on the Caribbean. However, while these are certainly important strengths for the region, the Caribbean has far more to provide which U.S. services, universities, and local.
communities must consider when planning future financial investment, scholastic research study, or where to establish more powerful economic ties. One of the primary tools of U.S. engagement with CARICOM countries is the Caribbean Basin Effort, or CBI, which was created in 1983. Can we turn that sound down a little bit, sir? Can we turn that down just a bit? Okay. Which was developed in 1983 and has consequently expanded to provide 17 nations and reliant areas with duty-free access to U.S. This engagement has resulted in a 44-percent boost in U.S. exports to the Caribbean over the past 10 years, and last year the overall trade relationship in between the U.S.
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and the Caribbean was $33. 4 billion. I think it is critical to deal with our next-door neighbors to equally promote financial development through trade liberalization, respect for the rule of law, and adherence to free market principles in order to attain success that is sustainable for the region. Which of the following approaches is most suitable for auditing the finance and investment cycle?. In addition, I am a firm supporter of much deeper U.S.-Caribbean energy relations. To me it is a great deal. U.S. possesses an abundance of oil, natural gas, and technical competence, and the Caribbean has a few of the greatest energy expenses in the world and requires to give away timeshare to charity lower these costs by building infrastructure for delivering energy, incorporating energy markets to attract financial investment and funding, and develop pipelines and liquified natural gas structures. After all, the United States is the biggest energy producer in the Western Hemisphere; jointly with Mexico and Canada, The United States and Canada accounts for 71 percent of the hemisphere.
's crude oil and 28 percent of natural gas reserves in the hemisphere. Similarly, Argentina, Brazil, Colombia, Peru, and Trinidad and Tobago have significant oil and gas production. In my view, freedom-loving, market-friendly, energy-producing countries in this hemisphere need to be working more carefully together to pursue hemisphere-acquired, energy independence which means assisting non-energy producing countries including the Caribbean next-door neighbors in reaching this goal. Ultimately, if the Western Hemisphere were more energy independent it would go a long way to changing our societies and security and independence and our financial development. and CARICOM. Nevertheless, I remain worried about the growing security challenges in the region from multinational criminal organizations that seek to use the area to ship drugs, migrants, and contraband to United States coasts. The Caribbean Basin.
Security Effort is another tool the United States has actually utilized given that 2010 to deal with local security problems, and provided the Caribbean's strategic place to U.S. homeland, we need to keep thinking about methods to improve CBSI and more efficiently cooperate with the local partners to control borders, block criminal groups 'ability to exploit liberal environments to their benefit. I am likewise concerned about individuals from the Caribbean that have joined Islamic extremist organizations. Southern Command, General Kelly, testified prior to Congress that near 100 people had left the Caribbean to go battle in Syria. At a subsequent briefing, he particularly called Jamaica, Siriname, and Trinidad and Tobago as having had individuals leave for the battlefield. These dangers to the United States and regional security must inspire everybody; give all of us a higher desire to do more to enhance security cooperation. Additionally, I want to explain at a previous subcommittee hearing on border security threats in the area, I raised concerns relating to reports that I had seen about person by financial investment programs in the Caribbean which have enabled fraud, corruption, and exploitation by foreign nationals.