[Home Hearing, 114 Congress] [From the U - What is internal rate of return in finance.S. Federal Government Publishing Workplace] THE STRATEGIC VALUE OF BUILDING A STRONGER U.S.-- CARIBBEAN PARTNERSHIP ======================================================================= 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 World Wide Web: http://www. foreignaffairs.house. gov/ or http://www. gpo.gov/ fdsys/ _ U.S. GOVERNMENT PUBLISHING OFFICE 20-749PDF WASHINGTON: 2016 ----------------------------------------------------------------------- For sale by the Superintendent of Documents, U.S. Government Publishing Office Web: book shop.
ROYCE, California, Chairman CHRISTOPHER H. SMITH, New Jersey ELIOT L. ENGEL, New York ILEANA ROS-LEHTINEN, Florida BRAD SHERMAN, California DANA ROHRABACHER, California GREGORY W. MEEKS, New York Informative post 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 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. How to finance a home addition. RIBBLE, Wisconsin DAVID A. TROTT, Michigan LEE M. ZELDIN, New York DANIEL DONOVAN, New York City Amy Porter, Chief of Personnel Thomas Sheehy, Staff 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.
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, STATEMENTS, ETC., SUBMITTED FOR THE HEARING Mr. Eric Farnsworth: Prepared statement ... ... ... ...... 7 Ms. Sally Yearwood: Prepared declaration ... ... ... ...... 13 His Excellency Richard Bernal: Prepared declaration ... ...... 26 APPENDIX Hearing notification ... ... ... ... ... ... ... ... ...... 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 come to order.
I would now like to recognize myself for an opening statement. Thank you, men, for your persistence. Today, we require to highlight a very crucial area in our hemisphere that regrettably typically gets overlooked. Much of our Caribbean friends have actually consistently advised the United States to pay more attention to the Caribbean, and I desire you to know that I have actually 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. Nevertheless, while these are certainly essential strengths for the region, the Caribbean has a lot more to offer which U.S. organizations, universities, and regional.
neighborhoods must think about when preparing future investment, academic research, or where to develop stronger economic ties. One of the main tools of U.S. engagement with CARICOM nations is the Caribbean Basin Effort, or CBI, which was produced in 1983. Can we turn that sound down a bit, sir? Can we turn that down simply a little bit? Okay. Which was created in 1983 and has consequently broadened to supply 17 countries and dependent 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 ten years, and last year the total trade relationship in between the U.S.
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and the Caribbean was $33. 4 billion. I believe it is vital 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 enterprise concepts in order to attain prosperity that is sustainable for the region. What does ach stand for in finance. 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, gas, and technical proficiency, and the Caribbean has a few of the highest energy expenses in the world and requires to decrease these expenses by developing infrastructure for delivering energy, incorporating energy markets to attract investment and funding, and develop pipelines and liquified gas structures. After all, the United States is the biggest energy producer in the Western Hemisphere; collectively with Mexico and Canada, The United States and Canada represents 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 substantial oil and gas production. In my view, freedom-loving, market-friendly, energy-producing nations in this hemisphere need to be working more carefully together to pursue hemisphere-acquired, energy independence which indicates 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 transforming our societies and security and self-reliance and our economic development. and CARICOM. Nevertheless, I remain concerned about the growing security difficulties in the area from global criminal organizations that seek to use the region to deliver drugs, migrants, and contraband to United States coasts. The Caribbean Basin.
Security Effort is another tool the United States has actually used since 2010 to resolve local security issues, and provided the Caribbean's tactical place to U.S. homeland, we need to keep considering ways to enhance CBSI and more successfully cooperate with the regional partners to manage borders, block criminal groups 'ability to exploit permissive environments to their advantage. I am also concerned about the people from the Caribbean that have actually signed up with Islamic extremist organizations. Southern Command, General Kelly, testified prior to Congress that near to 100 people had actually left the Caribbean to go fight in Syria. At a subsequent briefing, he specifically named Jamaica, Siriname, and Trinidad and Tobago as having had people leave for the battleground. These hazards to http://raymonddsnk318.iamarrows.com/the-what-does-principal-mean-in-finance-ideas the United States and regional security need to motivate all of us; give all of us a higher desire to do more to strengthen security cooperation. Additionally, I wish to mention at a previous subcommittee hearing on border security dangers in the area, I raised issues concerning reports that I had actually seen about person by financial investment programs in the Caribbean which have actually enabled fraud, corruption, and exploitation by foreign nationals.