The de-risking of the correspondent banking relationships are really essential to the Caribbean due to the fact that international monetary banks have been crucial not only to domestic economy however in its link to the worldwide economy. Some services have already been choked off and there need to be a way for us to discover an effort that integrates the security objectives which we register for, and also at the exact same time, enable financial intermediation such as trade funding, transfers of earnings, debt payments, et cetera, to continue. Third, security. The little states of the Caribbean find it very tough to contend with transnational criminal offense connected to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has actually done an impressive task in supporting these nations, however I think there is room to do more in the interest of our shared security. Security nowadays can just be defined as worldwide and can only be responded to by cooperation among nations. Fourthly, in the trade location there are some great legislation in place for trade. However, a number of the Caribbean nations are now service oriented nations and we require to take a look at possibilities for promoting shared and helpful value chains which integrate U.S. and Caribbean in services such as healthcare, education, and back office assistance. I believe by combining the skills on Capitol Hill with some of the human resources in the Caribbean, these firms can remain competitive both here and in the U.S - How old of an rv can you finance.
The Caribbean countries are coastal societies. Infrastructure, economic activity, population, the building environment are all focused on a narrow strip on the coast, even for those nations which are not islands, for example, Belize and Guyana. It indicates that they are among the most susceptible nations to climate change. More resources require to be offered in a more available way to mitigate climate change and to help these countries in surviving. And I point particularly to the tourist market which is seriously based on the quality of that instant seaside strip. Finally, energy (What does etf stand for in finance). 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 electricity which is amongst the greatest cost worldwide onto energy in cheaper sources. That would serve to revive a whole range of economic activity, consisting of manufacturing. How long can i finance a used car. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that require to be dealt with. If we might address them in one overall effort led by the U.S. and involving the development of banks, Take a look at the site here I believe that they reinforce each other and it is time for a brand-new bold initiative in U.S. policy toward the Caribbean.
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[The ready declaration 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 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 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 believe that we can talk about U.S.
Venezuela developed Petrocaribe in 2005 to assist influence numerous nations in the hemisphere and up to this point the technique has worked. However, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro routine. 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 focused on this effort right now due to the fact that it is in our national security interest to coordinate an energy option; a method so that less countries in the Western Hemisphere would depend on a really undependable Venezuela.
And I believe that we have actually got to be dealing with our partners, our allies in the Caribbean to assist them take advantage of the plentiful and cheap gas and the brand-new advanced clean wind and solar innovations readily available. In this manner we reinforce our partners' economies, we buffer the region from the effects of Venezuelan collapse and take sensible steps toward lowering carbon emissions. So the crisis in Venezuela may cause an oil supply disturbance. What impact would such a disruption have on the Caribbean countries? Mr. Bernal. My associates are figured out to make certain I carry a fair share of the load.
Thank you for that. The relationship with Venezuela is a long and complicated one. Venezuela started the Petrocaribe at a time when numerous Caribbean countries were really very stretched financially and really needed some assistance. Nevertheless, the relationship has its intricacies. For example, Venezuela declares a large share of Guyana which belongs to the CARICOM group. It also has actually extended its claims in regards to coastal waters based on an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some monetary support. I believe we are at a juncture where the relationship is going to end up being extremely unpredictable Find more information because of nobody understands exactly what will occur in the Caribbean with Venezuela.
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Numerous Caribbean nations are believing beyond Petrocaribe because they do not presume that it will continue in its present form and they need to be considering options. This develops a point in which brand-new efforts, including from the U.S - How to finance a private car sale. in energy, would be very 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 rely upon quite with your proficiency and since the Caribbean is exceptionally important, I believe.
It is actually, you know when you take a look at our hemisphere and we have actually got to make sure that we enhance and working together. And I hear my coworkers in regards to specifically Petrocaribe, but I think that the issues that are confronting a lot of the islands-- and I discover, for instance, Mr. Ambassador, you noted as number six in order of priority the energy crisis, et cetera, in attempting to make sure. So I desire to look for out as it refers to the islands themselves the things that are most pressing with them that would help them total with their economy, because I understand, for example, you can't just rely on tourism or you can't simply depend upon, you know, they have the diversification of it needs to be there.