[Congressional Record Volume 168, Number 102 (Wednesday, June 15, 2022)]
[House]
[Pages H5550-H5551]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               SUMMIT OF THE AMERICAS AND CARIBBEAN TRADE

  The SPEAKER pro tempore. The Chair recognizes the gentlewoman from 
the Virgin Islands (Ms. Plaskett) for 5 minutes.
  Ms. PLASKETT. Madam Speaker, I have just returned from the Ninth 
Summit of the Americas in Los Angeles, which gathered the heads of 
state and senior government officials from nearly every country in the 
Western Hemisphere, as well as hundreds of businesses, civil society, 
and youth leaders from across the region.
  Members of a 20-person congressional delegation met with leaders from 
many of our neighboring countries, Chile, Jamaica, Canada, Haiti.
  I had the opportunity to speak with the heads of state of many of our 
Caribbean neighbors. From these conversations, one thing was clear: Now 
more than ever, it is necessary for the United States to deepen its 
relationship with Latin America, Central America, and the Caribbean.
  With threats of the COVID-19 pandemic, democratic erosion, and 
climate change, my constituents in the Virgin Islands know all too well 
the collective challenges facing the hemisphere.
  I thank the Biden administration for its commitment to productive 
engagement with Latin and Central America and the Caribbean. In Los 
Angeles, the administration announced the Americas Partnership for 
Economic Prosperity, which calls for sustainable and inclusive trade; 
the U.S.-Caribbean Partnership to Address the Climate Crisis 2030; and 
the Los Angeles Declaration on Migration.
  I strongly urge this administration to follow up on these commitments 
and promises with concrete actions that will deliver tangible results, 
particularly in the Caribbean because the Caribbean is facing an 
economic crisis. The pandemic has exacted a harsh toll on the region, 
with regional economic activity falling by 9.9 percent in 2020, 
significantly worse than the rest of the region.
  Climate change poses a particularly dire threat to the lives, 
livelihood, and businesses in the Caribbean. For years, the harmful 
trend of financial de-risking by banks has economically strangled the 
Caribbean islands.
  The Caribbean, which is our third border, is essential to U.S. 
national and economic security. From the early days of the American 
Revolution to the Cold War, the Caribbean has played a vital role in 
U.S. defense. It, alone, is the United States' sixth largest trade 
partner, with $35.3 billion of trade in 2018. And 13 million people in 
the U.S. share Caribbean ancestry.
  Despite these common interests between the U.S. and the Caribbean, 
China is making significant inroads in this area. Indeed, total Chinese 
trade with Latin America and the Caribbean rose from $18 billion in 
2002 to $449 billion in 2021, and China is now South America's largest 
trade partner.
  Therefore, improving the U.S.-Caribbean relationship and 
strengthening the U.S.-Caribbean trade and economic partnership must be 
a priority for the administration and this Congress.
  First, we must follow up on our commitments made at the summit with 
tangible results and concrete investments that correspond to the 
Caribbean's needs and for our national security.

                              {time}  1015

  Second, this Chamber must pass H. Res. 1047, which will reaffirm the 
economic partnership between the United

[[Page H5551]]

States and the Caribbean nations, recognizing the need to strengthen 
trade and investments.
  Third, we must authorize a general capital increase for the Inter-
American Development Bank to ensure that the premier lending 
institutions for South America and the Caribbean have the resources to 
support the region in this difficult time.
  I have introduced H.R. 7726 to do so, and the Senate has already 
approved such a capital increase in the United States Innovation and 
Competition Act. It is essential that this capital increase be included 
in the final version of the House COMPETES Act.
  Fourth, the administration must work to counter the misguided trend 
of de-risking from U.S. banks, which has unfairly cut Caribbean nations 
off from access to capital and credit and economically harmed the 
region.
  Madam Speaker, the Caribbean is inextricably linked to the security, 
economic prosperity, and cultural heritage of the United States. It is 
time for us to recognize this importance and prioritize U.S.-Caribbean 
relationships.

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