The de-risking of the correspondent banking relationships are very crucial to the Caribbean since global monetary banks have been important not just to domestic economy but in its link to the international economy. Some https://legaldesire.com/14-things-your-real-estate-agent-wont-tell-you/ services have already been choked off and there should be a way for us to find an effort that integrates the security objectives which we register for, and also at the very same time, permit monetary intermediation such as trade financing, transfers of profits, financial obligation payments, et cetera, to continue. Third, security. The small states of the Caribbean discover it very challenging to contend with global criminal activity linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an exceptional job in supporting these nations, however I believe there is room to do more in the interest of our shared security. Security these days can only be specified as worldwide and can just be reacted to by cooperation amongst countries. Fourthly, in the trade area there are some great legislation in location for trade. Nevertheless, numerous of the Caribbean nations are now service oriented nations and we need to examine possibilities for promoting mutual and helpful worth chains which combine U.S. and Caribbean in services such as healthcare, education, and back workplace assistance. I think by combining 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 - Which of these is the best description of personal finance.
The Caribbean nations are seaside societies. Infrastructure, 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 among the most susceptible countries to environment change. More resources require to be provided in a more available method to reduce environment change and to help these nations in making it through. And I point particularly to the traveler market which is seriously depending on the quality of that immediate seaside strip. Lastly, energy (How many years can you finance a boat). 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 amongst the greatest expense in the world onto energy in less costly sources. That would serve to restore an entire variety of financial activity, consisting of production. What does finance a car mean. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require to be addressed. If we might resolve them in one total effort led by the U.S. and involving the development of monetary institutions, how to get out of a timeshare ownership I think that they enhance each other and it is time for a brand-new bold effort 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 a lot for making the effort to be here. Mr. Meeks has actually 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 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 important hearing. And I do not think that we can go over U.S.
Venezuela developed Petrocaribe in 2005 to assist influence many nations in the hemisphere and approximately this point the strategy has actually worked. However, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro routine. So it gives the U.S. a chance to fill that space, and this is where we need the State Department and the Department of Energy to be very focused on this effort right now due to the fact that it is in our nationwide security interest to coordinate an energy option; a technique so that less countries 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 help them benefit from the plentiful and low-cost natural gas and the brand-new sophisticated tidy wind and solar technologies available. This way we reinforce our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take reasonable steps towards lowering carbon emissions. So the crisis in Venezuela may cause an oil supply interruption. What impact would such a disturbance have on the Caribbean nations? 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 complex one. Venezuela started the Petrocaribe at a time when numerous Caribbean countries were really extremely extended financially and really required some support. Nevertheless, the relationship has its complexities. For example, Venezuela claims an extremely big share of Guyana which belongs to the CARICOM group. It likewise has actually extended its claims in terms of seaside waters based on an island almost 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial backing. I think we are at a juncture where the relationship is going to become really unpredictable since of no one knows precisely what will happen in the Caribbean with Venezuela.
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Several Caribbean countries are believing beyond Petrocaribe since they do not assume that it will continue in its present type and they need to be thinking about options. This produces a juncture in which brand-new initiatives, consisting of from the U.S - How long can you finance a used car. in energy, would be really welcome in the area. Ms. Ros-Lehtinen. Thank you very much, 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 very much with your know-how and because the Caribbean is incredibly essential, I think.
It is really, you know when you look at our hemisphere and we have actually got to make sure that we enhance and working together. And I hear my coworkers in concerns to particularly Petrocaribe, but I think that the concerns that are confronting a great deal of the islands-- and I see, for instance, Mr. Ambassador, you noted as number six in order of priority the energy crisis, et cetera, in trying to make certain. So I wish to attempt to find out as it relates to the islands themselves the important things that are most pressing with them that would assist them total with their economy, because I know, for instance, you can't just depend upon tourism or you can't just depend upon, you know, they have the diversification of it needs to be there.