The de-risking of the reporter banking relationships are very crucial to the Caribbean due to the fact that worldwide monetary banks have been important not only to domestic economy however in its link to the international economy. Some services have actually currently been choked off and there should be a method for us to discover an effort that integrates the security objectives which we register for, and also at the same time, enable financial intermediation such as trade financing, transfers of revenues, financial obligation payments, et cetera, to continue. Third, security. The small states of the Caribbean find it very challenging to contend with global criminal offense linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has actually done an outstanding task in supporting these nations, but I believe there is space to do more in the interest of our shared security. Security these days can only be specified as international and can just be responded to by cooperation amongst countries. Furthermore, in the trade location there are some excellent legislation in location for trade. Nevertheless, much of the Caribbean nations are now service oriented nations and we require to analyze possibilities for promoting shared and beneficial value chains which combine U.S. and Caribbean in services such as healthcare, education, and back office assistance. I think by integrating the abilities on Capitol Hill with some of the human resources in the Caribbean, these companies can remain competitive both here and in the U.S - What is Informative post a consumer finance account.
The Caribbean countries are seaside societies. Infrastructure, economic activity, population, the building 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 among the most susceptible countries to climate modification. More resources require to be made offered in a more accessible way to mitigate climate modification and to assist these nations in making it through. And I point especially to the traveler industry which is critically depending on the quality of that immediate seaside strip. Lastly, energy (How to finance a franchise with no money). 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 energy which is among the greatest expense on the planet onto energy in cheaper sources. That would serve to restore a whole series of economic activity, including production. What does ach stand for in finance. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require to be attended to. If we might resolve them in one overall initiative led by the U.S. and involving the advancement of financial organizations, I believe that they reinforce each other and it is time for a brand-new bold initiative in U.S. policy toward 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 a lot for making the effort to be here. Mr. Meeks has concurred we are going to skip over him and go to the former chairman of the full committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so really much and I excuse 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 discuss U.S.
Venezuela developed Petrocaribe in 2005 to help influence many nations in the hemisphere and as much as this point the strategy has worked. However, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro routine. So it offers the U.S. a chance to fill that space, and this is where we require the State Department and the Department of Energy to be extremely concentrated on this effort right now due to the fact that it is in our nationwide security interest to collaborate an energy option; a strategy so that fewer nations in the Western Hemisphere would depend on an extremely unreliable Venezuela.
And I think that we have got to be working with our partners, our allies in the Caribbean to assist them take benefit of the abundant and cheap gas and the new advanced tidy wind and solar technologies readily available. By doing this we strengthen our partners' economies, we buffer the region from the effects of Venezuelan collapse and take reasonable actions toward lowering carbon emissions. So the crisis in Venezuela may cause an oil supply disturbance. What effect would such a disruption have on the Caribbean countries? Mr. Bernal. My coworkers are identified to ensure I bring a fair share of the load.
Thank you for that. The relationship with Venezuela is a long and complicated one. Venezuela started the Petrocaribe at a time when lots of Caribbean countries were really extremely stretched financially and truly required some assistance. However, the relationship has its intricacies. For instance, Venezuela declares a huge share of Guyana which is a member of the CARICOM group. It also has extended its claims in regards to coastal waters based upon an island practically 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of some financial backing. I believe we are at a point where the relationship is going to become really unforeseeable due to the fact that of no one knows precisely what will take place in the Caribbean with Venezuela.
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Several Caribbean countries are believing beyond Petrocaribe since they don't presume that it will continue in its present form and they need to be thinking of alternatives. This produces a juncture in which brand-new initiatives, including from the U.S - What is a swap in finance. in energy, would be really welcome in the area. Ms. Ros-Lehtinen. Thank you extremely much, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking some 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 good to see all of you who, you know, we trust quite with your knowledge and because the Caribbean is very important, I think.
It is really, you know when you take a look at our hemisphere and we have got to https://www.residencestyle.com/how-can-you-explore-the-beauty-of-the-beach-and-ocean-in-real-estate/ make sure that we reinforce and working together. And I hear my colleagues in concerns to especially Petrocaribe, but I believe that the issues that are confronting a lot of the islands-- and I discover, for instance, Mr. Ambassador, you listed as number six in order of top priority the energy crisis, et cetera, in trying to make sure. So I wish to search for out as it relates to the islands themselves the important things that are most pressing with them that would assist them overall with their economy, because I know, for example, you can't just depend upon tourist or you can't just rely on, you know, they have the diversification of it needs to be there.