As the United States prepares to host the Summit of the Americas next month in Los Angeles, the preeminent nation of the hemisphere has an opportunity to demonstrate forward leaning leadership by inaugurating a new relationship with its Caribbean neighbors. With 14 votes in the United Nations and active courtship by China, the Caribbean nations cannot be ignored and a holistic engagement on the part of the U.S. with the region is critical. Presently, the United States piecemeal policy approach to the Caribbean belies the regions importance to U.S. national and economic security. Despite the Caribbeans valuable resources and strategic location, U.S. policymakers have failed to adequately address its economic and political development. This continued marginalization has negatively impacted economic growth and crisis preparedness in theregion, threatening to derail U.S. security and economic interests in theWestern hemisphere.

U.S.and Caribbean Basinsecurity interestshave been linked since theAmerican Revolutionary War. Gunpowderand weaponsprocured fromthe island of St. Eustatiusenabledcolonists to keep fightingduringthe early days of rebellion.During both World Wars and theCold War,U.S. security concernsshifted to assessing threats offoreignsubversionin theCaribbean.Today, the U.S.acknowledges thatinstability,not subversion,isthegreatest threatto the U.S. and the regionemanating from the Basin.

During a recent congressional delegation visit to Barbados, the urgency of the regions economic crisis and its exacerbation of poverty and exclusion was clear. The numerous heads of state of the island nations spoke in specific detail about the Caribbeans economic stagnation and provided compelling datasupporting the need for increased U.S. engagement, particularly in Haiti, where the national state itself continues to deteriorate. While the Haitian Hemispheric Opportunity through Partnership Encouragement Act(HOPE Act)andHaitian Economic Lift Program(HELPAct) have helped create support for the Haitian economy, more comprehensive and diverse trade engagement is necessary to thwart the political and economic instability of the Haitian nation and support economic development of others in the region.

Haiti and its Caribbeanneighborshold great potential for economic growth. Outdated trade agreements like the Caribbean Basin Initiative (CBI), however, leave much of this potential untapped.Indeed, CBIs modest successes havebeen distributed unevenly acrossthe region.Comprehensive trade legislationcan remedythis imbalanceand improvethe economic outlookfor present and future generations.

To this end, I introduced the Caribbean Trade Resolution (H.Res.1047) in the House of Representatives earlier this month.The resolution, if passed, is an important first step toward prioritizing trade and achieving meaningful economic integration with the Caribbean, including Haiti. Separately, the Caribbean Basin Security Initiative Authorization Act introduced by Rep. Adriano Espaillat of New York authorizes new funding for the Caribbean Basin Security Initiative, a regional assistance program that includes support for disaster preparedness and resilience.

Strengthening the economic partnership between the U.S. and the Caribbean will also require us to confront the economic challenges that financial laws, triggered by the harmful trend of de-risking, have placed on small island nations. Nearly two decades from the 2008 financial crisis, de-risking efforts continue to create costly compliance hurdles for Caribbean affiliate banks. The challenges ensuing from financial exclusion have caused significant economic disruption to countries and businesses across the region. The worst effects are more readily felt, perhaps, by low- and middle-income families on the islands who rely on remittances as a lifeline.

Advances in financial technology (fintech) present opportunities for the U.S. to engage more effectively with stakeholders in the region. Given the dearth of correspondent banking relationships, Caribbean leaders are turning to fintech to fill the void left by U.S. banks.Fintechis particularly attractive to poorer and smaller volume Caribbeancountriesdue to the technologys ability toreduce the costs of transactions and services, leading to lower remittance costs.By working closely with stakeholders to facilitate fintechexchange, the U.S. can expand banking access in Caribbean countries with limited financial markets. Increasing fintech transfercan also help bridge thegapin resources, thereby strengthening financial inclusion and supporting economic growth.

As the United States third border, the Caribbeans economic stagnation directly impacts U.S. security and stability. Our fates are inexorably linked. Yet many of the regions problems are rooted in systemic neglect by U.S. policymakers as well as former colonial powers in the region.

As co-chair of the Congressional Caribbean Caucus, I am acutely aware that the economic and political challenges facing our neighbors are complex and, as such, require collaborative and sustained efforts from policymakers, industry experts, financial institutions, and civil society groups, among other stakeholders. As the leading power in the region, the U.S. must lead and tackle, head-on, issues such as financial exclusion, economic growth, andcrisis preparednessin order topromote mutually beneficial economic prosperity. Without that U.S. leadership, the neighboring nations will continue to look elsewhere (China and Venezuela in particular) for support.With growing instability in the region threatening to undo the economic and social gains achieved over the last decade, the consequences of inaction are simply too great to ignore.

Congresswoman Stacey E. Plaskett represents the United States Virgin Islands at-large District in the United States House of Representatives. She is currently serving her fourth term in Congress and is a member of the Ways & Means Committee, the Budget Committee, and the Agriculture Committee.

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Sharks in the water: The need for improved US geo-diplomacy, trade policy in the Caribbean - The Hill