The de-risking of the correspondent banking relationships are very important to the Caribbean since international monetary banks have actually been crucial not just to domestic economy but in its link to the international economy. Some services have actually currently been choked off and there need to be a way for us to find an effort that integrates the security goals which we register for, and likewise at the very same time, allow monetary intermediation such as trade funding, transfers of revenues, financial obligation payments, et cetera, to continue. Third, security. The little states of the Caribbean find it really tough to contend with global crime connected to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has done an impressive job in supporting these nations, however I believe there is room to do more in the interest of our mutual security. Security these days can just be defined as global and can just be responded to by cooperation amongst nations. Fourthly, in the trade area there are some good legislation in location for trade. Nevertheless, numerous of the Caribbean nations are now service oriented nations and we need to examine possibilities for promoting mutual and useful value chains which integrate U.S. and Caribbean in services such as health care, education, and back office support. I believe by integrating the skills on Capitol Hill with a few of the human resources in the helping timeshare owners llc reviews Caribbean, these companies can stay competitive both here and in the U.S - What does ear stand for in finance.
The Caribbean nations are seaside societies. Facilities, 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 indicates that they are amongst the most vulnerable countries to climate change. More resources need to be offered in a more accessible way to reduce environment change and to assist these countries in enduring. And I point especially to the tourist market which is seriously based on the quality of that instant coastal strip. Lastly, energy (What credit score is needed to finance a car). The Caribbean, bar the exceptions of Trinidad and Tobago, depend heavily on importation of energy.
Solar, wind, and thermal all have possibilities, and to move the production of electrical power which is among the highest expense in the world onto energy in less costly sources. That would serve to restore an entire variety of financial activity, consisting of production. How to find the finance charge. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that need to be addressed. If we might resolve them in one overall effort led by the U.S. and including the advancement of financial institutions, I think that they strengthen each other and it is time for a brand-new bold effort in U.S. policy towards the Caribbean.
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[The ready declaration of Mr. Bernal follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you a lot for making the effort to be here. Mr. Meeks has actually concurred we are going to skip 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 ask forgiveness 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 essential hearing. And I do not believe that we can go over U.S.
Venezuela established Petrocaribe in 2005 to assist affect numerous nations in the hemisphere and as much as this point the technique has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro routine. So it provides the U.S. an opportunity to fill that space, and this is where we need the State Department and the Department of Energy to be extremely focused on this effort today because it remains in our nationwide security interest to collaborate an energy service; a strategy so that fewer countries in the Western Hemisphere would depend on a very undependable Venezuela.
And I think that we have got to be working with our partners, our allies in the Caribbean to assist them benefit from the plentiful and inexpensive gas and the brand-new innovative tidy wind and solar technologies readily available. In this manner we reinforce our partners' economies, we buffer the region from the effects of Venezuelan collapse and take practical actions towards Home page minimizing carbon emissions. So the crisis in Venezuela might cause an oil supply interruption. What impact would such a disturbance have on the Caribbean countries? Mr. Bernal. My associates are figured out to make certain 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 nations were truly extremely stretched economically and actually needed some help. Nevertheless, the relationship has its complexities. For instance, Venezuela claims a really large share of Guyana which belongs to the CARICOM group. It also has actually extended its claims in terms of seaside waters based upon an island almost 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some financial support. I believe we are at a juncture where the relationship is going to become extremely unpredictable because of no one knows precisely what will happen in the Caribbean with Venezuela.
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Numerous Caribbean countries are believing beyond Petrocaribe since they do not presume that it will continue in its present type and they have to be thinking of alternatives. This creates a juncture in which brand-new efforts, including from the U.S - How to become a finance manager at a car dealership. in energy, would be very welcome in the area. Ms. Ros-Lehtinen. Thank you quite, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking 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 excellent to see all of you who, you know, we rely upon extremely much with your proficiency and because the Caribbean is extremely important, I think.
It is actually, you understand when you look at our hemisphere and we have actually got to make certain that we reinforce and interacting. And I hear my colleagues in regards to specifically Petrocaribe, however I believe that the issues that are confronting a lot of the islands-- and I see, for instance, Mr. Ambassador, you listed as number 6 in order of concern the energy crisis, et cetera, in trying to make sure. So I want to attempt to find out as it refers to the islands themselves the important things that are most pressing with them that would help them total with their economy, due to the fact that I know, for instance, you can't simply depend upon tourism or you can't just rely on, you know, they have the diversification of it needs to be there.