The de-risking of the correspondent banking relationships are really essential to the Caribbean due to the fact that international monetary banks have actually been critical not only to domestic economy but in its link to the worldwide economy. Some services have currently been choked off and there need to be a method for us to find an effort that combines the security goals which we sign up for, and also at the exact same time, permit monetary intermediation such as trade financing, transfers of profits, financial obligation payments, et cetera, to continue. Finally, security. The small states of the Caribbean find it really challenging to contend with multinational criminal offense connected to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has actually done an impressive job in supporting these countries, but I believe there is room to do more in the interest of our shared security. Security nowadays can just be specified as worldwide and can just be reacted to by cooperation among nations. Fourthly, 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 mutual and helpful value chains which combine U.S. and Caribbean in services such as health care, 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 remain competitive both here and in the U.S - How to owner finance a home.
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The Caribbean nations are coastal societies. Infrastructure, financial 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 suggests that they are amongst the most vulnerable countries to environment change. More resources need to be provided in a more accessible method to mitigate climate change and to assist these nations in making it timeshare floating week through. And I point particularly to the traveler market which is critically based on the quality of that instant coastal strip. Lastly, energy (Which of the following was eliminated as a result of 2002 campaign finance reforms?). 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 electricity which is among the greatest expense on the planet onto energy in less costly sources. That would serve to revive a whole series of financial activity, consisting of production. How to finance an engagement ring. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that require to be addressed. If we could address them in one overall initiative led by the U.S. and including the advancement of banks, I believe that they reinforce each other and it is time for a new strong initiative in U.S. policy towards the Caribbean.
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[The prepared 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 avoid over him and go to the previous chairman of the full committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so extremely much and I apologize for 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 don't believe that we can discuss U.S.
Venezuela developed Petrocaribe in 2005 to help influence many nations in the hemisphere and approximately this point the technique has worked. However, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro regime. So it gives the U.S. an opportunity to fill that void, and this is where we require the State Department and the Department of Energy to be extremely concentrated on this effort right now because it remains in our nationwide security interest to coordinate an energy solution; a technique so that fewer nations in the Western Hemisphere would depend on a very unreliable Venezuela.
And I believe that we have actually got to be dealing with our partners, our allies in the Caribbean to assist them make the most of the plentiful and low-cost gas and the brand-new innovative tidy wind and solar technologies available. This way we strengthen our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take reasonable actions toward lowering carbon emissions. So the crisis in Venezuela might trigger an oil supply interruption. What impact would such a disturbance have on the Caribbean countries? Mr. Bernal. My associates are identified to ensure I carry 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 lots of Caribbean countries were really very stretched economically and really needed some help. Nevertheless, the relationship has its complexities. For example, Venezuela claims a huge 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 taking advantage of some monetary support. I think we are at a juncture where the relationship is going to end up being very unpredictable because of can you make money renting your timeshare nobody Click here to find out more understands precisely what will happen in the Caribbean with Venezuela.
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A number of Caribbean nations are thinking beyond Petrocaribe since they don't assume that it will continue in its present form and they have to be believing of options. This produces a juncture in which brand-new efforts, including from the U.S - What jobs can i get with a finance degree. in energy, would be extremely welcome in the region. 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 great to see all of you who, you understand, we trust really much with your expertise and due to the fact that the Caribbean is incredibly important, I think.
It is truly, you know when you look at our hemisphere and we have got to ensure that we reinforce and interacting. And I hear my associates in concerns to particularly Petrocaribe, however I think that the issues that are challenging a lot of the islands-- and I see, for example, Mr. Ambassador, you listed as number six in order of priority the energy crisis, et cetera, in trying to ensure. So I wish to look for out as it refers to the islands themselves the things that are most pressing with them that would help them general with their economy, due to the fact that I know, for example, you can't just depend upon tourism or you can't simply depend upon, you know, they have the diversification of it needs to be there.