[Home Hearing, 114 Congress] [From the U - How to finance a private car sale.S. Federal Government Publishing Workplace] THE STRATEGIC VALUE OF STRUCTURE A STRONGER U.S.-- CARIBBEAN COLLABORATION ======================================================================= HEARING PRIOR TO 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 making use of the Committee on Foreign Affairs [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] Readily available by means of the Internet: 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 Web: 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 does nav stand for in finance. RIBBLE, Wisconsin DAVID A. TROTT, Michigan LEE M. ZELDIN, New York 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 City 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 Americas Society ... ... ... ... ... ... ... ...... 4 Ms. Sally Yearwood, executive director, Caribbean-Central American Action ... ... ... ... ... ... ... ... ... ... 10 His Excellency Richard Bernal, pro-vice chancellor for global affairs, University of the West Indies in Jamaica ... ... ... 24 LETTERS, DECLARATIONS, AND SO Extra resources ON, SUBMITTED FOR THE HEARING Mr. Eric Farnsworth: Prepared statement ... ... ... ...... 7 Ms. Sally Yearwood: Prepared declaration ... ... ... ...... 13 His Excellency Richard weslend financial reviews Bernal: Prepared declaration ... ...... 26 APPENDIX Hearing notice ... ... ... ... ... ... ... ... ...... 40 Hearing minutes ... ... ... ... ... ... ... ... ... ... 41 THE STRATEGIC VALUE OF BUILDING 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 )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, people, for your patience. Today, we require to highlight an extremely essential region in our hemisphere that unfortunately typically gets neglected. Many of our Caribbean pals have actually consistently advised the United States to pay more attention to the Caribbean, and I desire you to understand that I have actually heard you. I would likewise like to thank Ranking Member Sires in specific for his leadership in working to prioritize this subcommittee's focus on the Caribbean. However, while these are definitely essential strengths for the region, the Caribbean has much more to offer which U.S. companies, universities, and local.
neighborhoods should consider when preparing future investment, academic research, or where to establish stronger financial ties. Among the primary tools of U.S. engagement with CARICOM countries 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 developed in 1983 and has actually subsequently broadened to offer 17 nations and reliant areas with duty-free access to U.S. This engagement has actually caused a 44-percent boost in U.S. exports to the Caribbean over the previous 10 years, and last year the total trade relationship between the U.S.
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and the Caribbean was $33. 4 billion. I think it is important to deal with our next-door neighbors to equally promote financial growth through trade liberalization, regard for the rule of law, and adherence to free enterprise concepts in order to accomplish success that is sustainable for the area. How long can you finance a used car. In addition, I am a company supporter of deeper U.S.-Caribbean energy relations. To me it is a great deal. U.S. possesses an abundance of oil, natural gas, and technical expertise, and the Caribbean has a few of the highest energy costs in the world and needs to reduce these expenses by building infrastructure for providing energy, integrating energy markets to attract investment and financing, and establish pipelines and liquified gas structures. After all, the United States is the largest energy manufacturer in the Western Hemisphere; collectively with Mexico and Canada, The United States and Canada accounts for 71 percent of the hemisphere.
's petroleum and 28 percent of natural 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 need to be working more closely together to pursue hemisphere-acquired, energy independence 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 method to transforming our societies and security and independence and our financial development. and CARICOM. Nevertheless, I stay worried about the growing security difficulties in the area from multinational criminal organizations that seek to use the region to ship drugs, migrants, and contraband to United States coasts. The Caribbean Basin.
Security Initiative is another tool the United States has used given that 2010 to deal with regional security problems, and provided the Caribbean's tactical area to U.S. homeland, we require to keep considering ways to enhance CBSI and better how to sell a timeshare deed cooperate with the regional partners to manage borders, block criminal groups 'capability to exploit permissive environments to their advantage. I am likewise worried about the people from the Caribbean that have actually signed up with Islamic extremist companies. Southern Command, General Kelly, testified prior to Congress that near to 100 people had left the Caribbean to go fight in Syria. At a subsequent briefing, he specifically named Jamaica, Siriname, and Trinidad and Tobago as having had individuals leave for the battlefield. These threats to the United States and local security need to encourage everyone; offer all of us a higher willingness to do more to strengthen security cooperation. Furthermore, I wish to point out at a previous subcommittee hearing on border security dangers in the region, I raised issues concerning reports that I had actually seen about citizen by financial investment programs in the Caribbean which have actually made it possible for scams, corruption, and exploitation by foreign nationals.