The de-risking of the correspondent banking relationships are extremely important to the Caribbean because global financial banks have actually been vital not just to domestic economy but in its link to the international economy. Some services have actually already been choked off and there must be a way for us to find an initiative that combines the security objectives which we subscribe to, and also at the very same time, enable financial intermediation such as trade financing, transfers of revenues, debt payments, et cetera, to continue. Thirdly, security. The little states of the Caribbean discover it very tough to compete with multinational crime connected to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has actually done an outstanding job in supporting these nations, but I believe there is room to do more in the interest of our shared security. Security nowadays can only be defined as global and can just be reacted to by cooperation amongst nations. Furthermore, 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 need to take a look at possibilities for promoting mutual and helpful worth chains which integrate U.S. and Caribbean in services such as healthcare, education, and back workplace support. I think by combining the skills on Capitol Hill with a few of the human resources in the Caribbean, these firms can remain competitive both here and in the U.S - How to finance an investment property.
The Caribbean countries are seaside societies. Infrastructure, financial activity, population, the building environment are all focused on a narrow strip on the coast, even for those countries which are not islands, for instance, Belize and Guyana. It suggests that they are amongst the most susceptible nations to environment Find out more modification. More resources need to be offered in a more accessible method to mitigate environment modification and to help these countries in surviving. And I point especially to the traveler industry which is seriously depending on the quality of that instant seaside strip. Finally, energy (How long can i finance a used 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 shift the production of electrical power which is amongst the greatest expense in the world onto energy in more economical sources. That would serve to revive a whole variety of financial activity, consisting of production. What can i do with a degree in finance. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that need to be dealt with. If we might resolve them in one general effort led by the U.S. and involving the development of financial organizations, I think that they strengthen each other and it is time for a new vibrant initiative in U.S. policy toward the Caribbean.
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[The ready statement 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 actually agreed 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 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 think that we can discuss U.S.
Venezuela developed Petrocaribe in 2005 to help affect lots of nations in the hemisphere and as much as this point the strategy has worked. Nevertheless, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro regime. So it gives 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 exceptionally focused on this effort right now due to the fact that it is in our nationwide security interest to collaborate an energy option; a method so that less countries in the Western Hemisphere would depend on a really unreliable Venezuela.
And I think that we have actually got to be working with our partners, our allies in the Caribbean to assist them make the most of the abundant and low-cost natural gas and the new advanced clean wind and solar innovations offered. In this manner we reinforce our partners' economies, we buffer the region from the effects of Venezuelan collapse and take sensible actions toward minimizing carbon emissions. wesley timeshare reviews So the crisis in Venezuela may trigger an oil supply disruption. What impact would such a disturbance have on the Caribbean countries? Mr. Bernal. My associates are figured out 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 initiated the Petrocaribe at a time when lots of Caribbean nations were really very extended economically and really required some assistance. However, the relationship has its complexities. For example, Venezuela claims a really big share of Guyana which belongs to the CARICOM group. It also has extended its claims in terms of seaside waters based upon an island almost 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some financial backing. I think we are at a point where the relationship is going to end up being very unpredictable because of nobody understands exactly what will take place in the Caribbean with Venezuela.
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Several Caribbean nations are believing beyond Petrocaribe because they don't presume that it will continue in its present type and they need to be considering options. This creates a point in which brand-new efforts, consisting of from the U.S - Which of the following was eliminated as a result of 2002 campaign finance reforms?. in energy, would be extremely 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 diminish 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 rely upon quite with your knowledge and because the Caribbean is very crucial, I think.
It is actually, you understand when you look at our hemisphere and we have actually got to ensure that we enhance and interacting. And I hear my associates in concerns to specifically Petrocaribe, but I think that the problems that are facing a great deal of the islands-- and I notice, for example, Mr. Ambassador, you noted as number six in order of concern the energy crisis, et cetera, in attempting to make sure. So I want to try to discover out as it pertains to the islands themselves the things that are most pushing with them that would help them overall with their economy, since I understand, for instance, you can't simply rely on tourism or you can't simply rely on, you understand, they have the diversification of it needs to be there.