The de-risking of the correspondent banking relationships are extremely crucial to the Caribbean because global financial banks have been crucial not just to domestic economy however in its link to the worldwide economy. Some services have already been choked off and there should be a method for us to find an initiative that integrates the security objectives which we register for, and likewise at the very same time, enable monetary intermediation such as trade financing, transfers of earnings, financial obligation payments, et cetera, to continue. Third, security. The little states of the Caribbean discover it really hard to contend with global crime linked to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has done an exceptional task in supporting these countries, but I believe there is space to do more in the interest of our shared security. Security these days can only be defined as international and can just be reacted to by cooperation among nations. Fourthly, in the trade area there are some excellent legislation in place for trade. Nevertheless, a number of the Caribbean nations are now service oriented nations and we require to take a look at possibilities for promoting mutual and beneficial value chains which combine U.S. and Caribbean in services such as health care, education, and back office support. I think by combining the abilities on Capitol Hill with some of the personnels in the Caribbean, these companies can stay competitive what to know about timeshares both here and in the U.S - Which results are more likely for someone without personal finance skills? Check all that apply..
The Caribbean nations are coastal societies. Infrastructure, economic activity, population, the structure environment are all focused on a narrow strip on the coast, even for those countries which are not islands, for example, Belize and Guyana. It suggests that they are among the most susceptible countries to environment modification. More resources need to be provided in a more accessible way to mitigate environment modification and to help these nations in enduring. And I point particularly to the tourist industry which is critically dependent on the quality of that instant seaside strip. Finally, energy (Which of the following can be described as involving direct finance?). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.
Solar, wind, and thermal all have possibilities, and to shift the production of electricity which is amongst the greatest expense on the planet onto energy in less expensive sources. That would serve to restore an entire range of financial activity, consisting of manufacturing. How to finance a home addition. And I conclude, Mr. Chairman, by stating that all of these are interrelated aspects that Home page need to be resolved. If we could resolve them in one general effort led by the U.S. and involving the development of monetary institutions, I think that they strengthen each other and it is time for a brand-new vibrant initiative in U.S. policy towards the Caribbean.
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[The prepared declaration of Mr. Bernal follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you so much for making the effort to be here. Mr. Meeks has agreed we are going to avoid over him and go to the previous chairman of the full committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so quite and I say sorry for coming late. And we have another hearing which I am chairing on Syria, but thank you, Chairman Duncan and Ranking Member Sires, for holding this important hearing. And I do not believe that we can discuss U.S.
Venezuela established Petrocaribe in 2005 to assist influence lots of countries in the hemisphere and as much as this point the technique has worked. However, now we https://colynn7zn9.doodlekit.com/blog/entry/19259722/the-single-strategy-to-use-for-what-is-a-consumer-finance-account see the collapse of the Venezuelan economy since of the incompetence of the Maduro routine. So it offers the U.S. a chance to fill that void, and this is where we need the State Department and the Department of Energy to be incredibly concentrated on this effort today since it is in our nationwide security interest to coordinate an energy solution; a technique so that less countries in the Western Hemisphere would be reliant on an extremely unreliable Venezuela.
And I think that we have actually got to be dealing with our partners, our allies in the Caribbean to assist them benefit from the abundant and inexpensive natural gas and the new innovative clean wind and solar innovations offered. This method we enhance our partners' economies, we buffer the area from the effects of Venezuelan collapse and take practical steps toward reducing carbon emissions. So the crisis in Venezuela might cause an oil supply disruption. What impact would such an interruption have on the Caribbean nations? Mr. Bernal. My coworkers are figured out to make sure I bring a reasonable share of the load.
Thank you for that. The relationship with Venezuela is a long and complex one. Venezuela initiated the Petrocaribe at a time when many Caribbean countries were truly very stretched financially and truly needed some support. Nevertheless, the relationship has its complexities. For instance, Venezuela declares a very large share of Guyana which is a member of the CARICOM group. It also has extended its claims in terms of coastal waters based upon an island almost 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial backing. I believe we are at a point where the relationship is going to become really unpredictable due to the fact that of nobody knows exactly what will take place in the Caribbean with Venezuela.
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Several Caribbean countries are believing beyond Petrocaribe because they don't assume that it will continue in its present type and they have to be believing of alternatives. This develops a juncture in which brand-new efforts, consisting of from the U.S - What does ear stand for in finance. in energy, would be really welcome in the region. Ms. Ros-Lehtinen. Thank you quite, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for requiring time to run down here. The Chair will now go to Mr. Meeks. Mr. Meeks. Thank you, Mr. Chairman. And thank you for being here, and great to see all of you who, you know, we trust quite with your proficiency and since the Caribbean is exceptionally essential, I believe.
It is truly, you know when you take a look at our hemisphere and we have got to make sure that we reinforce and working together. And I hear my associates in concerns to particularly Petrocaribe, but I think that the issues that are challenging a lot of the islands-- and I notice, for example, Mr. Ambassador, you noted as number six in order of top priority the energy crisis, et cetera, in attempting to ensure. So I wish to attempt to discover out as it refers to the islands themselves the important things that are most pushing with them that would help them general with their economy, because I know, for instance, you can't simply rely on tourism or you can't just depend upon, you understand, they have the diversity of it needs to be there.