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[Home Hearing, 114 Congress] [From the U - How long can you finance a used car.S. Government Publishing Office] THE STRATEGIC VALUE OF BUILDING A STRONGER U.S.-- CARIBBEAN COLLABORATION ======================================================================= 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 OFFERED IN TIFF FORMAT] Readily available by means of the 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 Documents, U.S. Federal Government Publishing Office Web: book shop.

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 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 internal rate of return in finance. RIBBLE, Wisconsin DAVID A. TROTT, Michigan LEE M. ZELDIN, New York City DANIEL DONOVAN, New Discover more 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 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 worldwide 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 statement ... ... ... ...... 13 His Excellency Richard Bernal: Prepared statement ... ...... 26 APPENDIX Hearing notice ... ... ... ... ... ... ... ... ...... 40 Hearing minutes ... ... ... ... ... ... ... ... ... ... 41 THE TACTICAL IMPORTANCE OF STRUCTURE A STRONGER U.S.-- CARIBBEAN PARTNERSHIP ---------- THURSDAY, JULY 14, 2016 Home 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 being present, the subcommittee will come to order.

I would now like to acknowledge myself for an opening statement. Thank you, guys, for your persistence. Today, we need to highlight an extremely essential region in our hemisphere that regrettably frequently gets overlooked. Much of our Caribbean friends have repeatedly 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. However, while these are definitely essential strengths for the area, the Caribbean has far more to provide which U.S. organizations, universities, and regional.

communities must think about when planning future investment, scholastic research study, or where to develop more powerful financial ties. One of the primary tools of U.S. engagement with CARICOM nations is the Caribbean Basin Effort, or CBI, which was what happens when a timeshare is foreclosed on you created in 1983. Can we turn that sound down a bit, sir? Can we turn that down simply a little bit? Okay. Which was produced in 1983 and has actually subsequently expanded to offer 17 countries and reliant territories 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 in 2015 the total trade relationship 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 mutually promote financial growth through trade liberalization, regard for the rule of law, and adherence to free enterprise principles in order to accomplish success that is sustainable for the region. Which of the following can be described as involving direct finance. In addition, I am a firm advocate of much deeper U.S.-Caribbean energy relations. To me it is a win-win situation. U.S. possesses an abundance of oil, gas, and technical expertise, and the Caribbean has some of the highest energy expenses worldwide and requires to decrease these expenses by developing facilities for providing energy, incorporating energy markets to attract financial investment and funding, and establish pipelines and liquified natural gas structures. After all, the United States is the largest energy producer in the Western Hemisphere; collectively 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 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 independence and that suggests assisting non-energy producing countries consisting of the Caribbean neighbors in reaching this goal. Ultimately, 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 growth. and CARICOM. However, I remain concerned about the growing security challenges in the region from global criminal companies 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 utilized because 2010 to deal with regional security problems, and provided the Caribbean's tactical location to U.S. homeland, we need to keep considering methods to chuck wesley enhance CBSI and more effectively work together with the regional partners to control borders, block criminal groups 'capability to exploit liberal environments to their benefit. I am also concerned about the people from the Caribbean that have signed up with Islamic extremist companies. 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 particularly named Jamaica, Siriname, and Trinidad and Tobago as having had individuals leave for the battlefield. These dangers to the United States and regional security ought to encourage all of us; give us all a greater determination to do more to enhance security cooperation. Moreover, I wish to explain at a previous subcommittee hearing on border security hazards in the area, I raised concerns regarding reports that I had actually seen about citizen by investment programs in the Caribbean which have actually allowed scams, corruption, and exploitation by foreign nationals.