The de-risking of the reporter banking relationships are really essential to the Caribbean due to the fact that global financial banks have been crucial not just to domestic economy however in its link to the global economy. Some services have actually currently been choked off and there must be a method for us to discover an effort that integrates the security goals 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 small states of the Caribbean discover it extremely difficult to contend with multinational criminal activity linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an impressive task in supporting these countries, however I think there is space to do more in the interest of our mutual security. Security these days can just be defined as worldwide and can just be reacted to by cooperation amongst nations. Furthermore, in the trade location there are some good legislation in location for trade. Nevertheless, a lot of the Caribbean nations are now service oriented nations and we need to analyze possibilities for promoting mutual and useful value chains which combine U.S. and Caribbean in services such as health care, education, and back office assistance. I believe by combining the skills on Capitol Hill cons of timeshare with some of the personnels in the Caribbean, these companies can stay competitive both here and in the U.S - How many years can you finance a boat.
The Caribbean countries are seaside societies. Facilities, economic 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 means that they are among the most susceptible nations to climate change. More resources require to be provided in a more accessible way to alleviate climate change and to assist these nations in enduring. And I point especially to the tourist industry which is seriously dependent on the quality of that instant seaside strip. Finally, energy (How old of an rv can you 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 electrical power which is amongst the highest cost worldwide onto energy in less expensive 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 stating that all of these are interrelated elements that need to be resolved. If we might address them in one overall initiative led by the U.S. and including the development of monetary organizations, I believe that they reinforce each other and it is time for a brand-new bold initiative in U.S. policy towards the Caribbean.
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[The prepared 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 agreed we are going to avoid over him and go to the previous chairman of the complete committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so quite and I apologize 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 think that we can talk about U.S.
Venezuela established Petrocaribe in 2005 to assist influence lots https://sokodirectory.com/2017/07/high-gdp-annual-returns-key-supporters-growth-real-estate-sector/ of countries in the hemisphere and approximately this point the method has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy due to the fact that 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 incredibly focused on this effort right now since it remains in our nationwide security interest to coordinate an energy option; a strategy so that less countries in the Western Hemisphere would be reliant on an extremely undependable Venezuela.
And I think that we have got to be dealing with our partners, our allies in the Caribbean to assist them make the most of the abundant and inexpensive gas and the new sophisticated tidy wind and solar innovations available. In this manner we reinforce our partners' economies, we buffer the area from the effects of Venezuelan collapse and take practical steps towards reducing carbon emissions. So the crisis in Venezuela may trigger an oil supply disturbance. What impact would such a disturbance have on the Caribbean nations? Mr. Bernal. My coworkers are determined to make certain I carry a fair 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 lots of Caribbean nations were really extremely stretched economically and truly needed some assistance. However, the relationship has its complexities. For instance, Venezuela claims a large share of Guyana which belongs to the CARICOM group. It likewise 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 gaining from some financial backing. I think we are at a point where the relationship is going to become really unpredictable since of nobody knows precisely what will take place in the Caribbean with Venezuela.
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A number of Caribbean countries are believing beyond Petrocaribe due to the fact that they don't assume that it will continue in its present type and they need to be thinking about alternatives. This creates a juncture in which new efforts, including from the U.S - What does ear stand for 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 trust really much with your expertise and since the Caribbean is incredibly essential, I believe.
It is truly, you understand when you look at our hemisphere and we have actually got to make sure that we reinforce and collaborating. And I hear my colleagues in concerns to especially Petrocaribe, however I believe that the problems that are challenging a great deal of the islands-- and I see, for example, Mr. Ambassador, you noted as number 6 in order of concern the energy crisis, et cetera, in trying to make certain. So I want to search for out as it relates to the islands themselves the things that are most pushing with them that would assist them general with their economy, since I understand, for instance, you can't just depend upon tourism or you can't simply depend upon, you understand, they have the diversity of it requires to be there.