The de-risking of the reporter banking relationships are very important to the Caribbean since international financial banks have actually been vital not just to domestic economy however in its link to the global economy. Some services have currently been choked off and there should be a method for us to find an initiative that integrates the security goals which we sign up for, and also at the exact same time, permit monetary intermediation such as trade financing, transfers of revenues, debt payments, et cetera, to continue. Thirdly, security. The small states of the Caribbean find it really tough to compete with transnational criminal activity linked to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has actually done an outstanding task in supporting these countries, however I believe there is space to do more in the interest of our shared security. Security nowadays can only be specified as international and can just be responded to by cooperation among countries. Furthermore, in the trade area there are some great legislation in place for trade. However, numerous of the Caribbean nations are now service oriented countries and we require to take a look at possibilities for promoting mutual and useful value chains which integrate U.S. and Caribbean in services such as healthcare, education, and back office support. I think by integrating the skills on Capitol Hill with a few of the personnels in the Caribbean, these companies can stay competitive both here and in the U.S - What credit score is needed to finance a car.
The Caribbean countries are coastal societies. Facilities, financial activity, population, the structure environment are all concentrated on a narrow strip on the coast, even for those countries which are not islands, for instance, Belize and Guyana. It implies that they are amongst the most vulnerable nations to environment modification. More resources require to be made offered in a more accessible way to alleviate environment modification and to help these countries in enduring. And I point particularly to the traveler market which is seriously depending on the quality of that immediate coastal strip. Finally, energy (Which of the following approaches is most suitable for auditing the finance and investment cycle?). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly 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 on the planet onto energy in less costly sources. That would serve to restore a whole series of economic activity, consisting of production. What is a consumer finance company. And I conclude, Mr. Chairman, by stating that all of these are interrelated aspects that require to be dealt with. If we could address them in one overall effort led by the U.S. and including the advancement of financial institutions, I believe that they strengthen each other and it is time for a brand-new vibrant effort in U.S. policy toward the Caribbean.
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[The prepared statement 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 agreed we are going to skip over him and go to the former chairman of the complete 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, however thank you, Chairman Duncan and Ranking Member Sires, for holding this crucial hearing. And I do not think that we can go over U.S.
Venezuela developed Petrocaribe in 2005 to help influence lots of countries in the hemisphere and approximately this point the strategy has actually worked. However, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro program. So it provides 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 incredibly focused on this effort right now since it remains in our nationwide security interest to coordinate an energy solution; a technique so that less countries in the Western Hemisphere would be reliant on a really undependable Venezuela.
And I think that we have actually got to be working with our partners, our allies in the Caribbean to help them make the most of the abundant and cheap gas and the new sophisticated tidy wind and solar innovations offered. This way we enhance our partners' economies, we buffer the area from the effects of Venezuelan collapse and take sensible steps toward reducing carbon emissions. So the crisis in Venezuela may trigger an oil supply interruption. What impact would such a disturbance have on the Caribbean nations? Mr. Bernal. My coworkers are identified to make sure I carry a fair share of the load.
Thank you for that. The relationship with Venezuela holiday inn timeshare scams is a long and complicated one. Venezuela initiated the Petrocaribe at a time when numerous Caribbean nations were actually extremely stretched economically and truly needed some support. However, the relationship has its intricacies. For instance, Venezuela claims a large share of Guyana which is a member of the CARICOM group. It also has extended its claims in regards to seaside waters based upon an island practically 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some financial backing. I believe we are at a point where the relationship is going to end up being extremely unpredictable since of no one understands exactly what will take place in the Caribbean with Venezuela.
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Numerous Caribbean nations are thinking beyond Petrocaribe since they don't presume that it will continue in its present kind and they need to be thinking about options. This creates a juncture in which new efforts, consisting of from the U.S - What can i do with a degree in finance. 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 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 excellent to see all of you who, you know, we rely upon quite with your expertise and because the Caribbean is very important, I believe.
It is actually, you know when you look at our hemisphere and we have got to make certain that we strengthen and interacting. And I hear my colleagues in regards to specifically Petrocaribe, but I think that the problems that are challenging a great deal of the islands-- and I discover, for instance, Mr. Ambassador, you noted as number Go to this website 6 in order of concern the energy crisis, et cetera, in trying to make sure. So I wish to look for out as it refers to the islands themselves the important things that are most pressing with them that would help them overall with their economy, since I know, for example, you can't simply rely on tourist or you can't simply depend upon, you understand, they have the diversification of it requires to be there.