The de-risking of the reporter banking relationships are very crucial to the Caribbean due to the fact that worldwide financial banks have been vital not just to domestic economy but in its link to the worldwide economy. Some services have currently been choked off and there need to be a way for us to find an initiative that combines the security objectives which we register for, and also at the same time, enable financial intermediation such as trade funding, transfers of profits, financial obligation payments, et cetera, to continue. Finally, security. The little states of the Caribbean discover it really difficult to compete with multinational criminal activity linked to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has actually done an outstanding job in supporting these nations, however I think there is space to do more in the interest of our mutual security. Security nowadays can just be defined as global and can only be responded to by cooperation amongst nations. Fourthly, in the trade location there are some great legislation in location for trade. However, a number of the Caribbean countries are now service oriented nations and we require to examine possibilities for promoting mutual and useful value chains which combine U.S. and Caribbean in services such as healthcare, education, and back office assistance. I think by integrating the abilities on Capitol Hill with some of the personnels in the Caribbean, these companies can stay competitive both here and in the U.S - How to finance a second home.
The Caribbean countries are coastal societies. Facilities, economic activity, population, the structure 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 implies that they are amongst the most susceptible countries to environment change. More resources require to be offered in a more available way to mitigate climate change and to assist these countries in surviving. And I point particularly to the tourist market which is seriously depending on the quality of that immediate coastal strip. Finally, energy (Why are you interested in 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 greatest cost worldwide onto energy in more economical sources. That would serve to revive a whole range of financial activity, including manufacturing. Which of the following can be described as involving direct finance?. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require to be attended to. If we could address them in one general initiative led by the U.S. and involving the development of banks, I think that they enhance each other and it is time for a brand-new vibrant initiative in U.S. policy toward 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 so much for making the effort to be here. Mr. Meeks has 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 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 think that we can talk about U.S.
Venezuela established Petrocaribe in 2005 to help influence many nations in the hemisphere and as much as this point the method has worked. Nevertheless, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the https://www.evernote.com/shard/s450/sh/fe4b3a1f-4f1b-6aec-5bf1-6ddc63fca177/6ee62f565d971e0c9306074a2a2ed510 Maduro regime. So it gives the U.S. an opportunity to fill that space, and this is where we require the State Department and the Department of Energy to be incredibly concentrated on this effort today due to the fact that it remains in our nationwide security interest to collaborate an energy option; a technique so that less nations in the Western Hemisphere would depend on a really undependable Venezuela.
And I think that we have got to be working with our partners, our allies in the Caribbean to assist them take advantage of the abundant and cheap gas and the brand-new advanced tidy wind and solar innovations readily available. This way we enhance our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take sensible actions toward decreasing 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 coworkers 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 initiated the Petrocaribe at a time when many Caribbean nations were actually extremely stretched economically and actually needed some support. how much are timeshare maintenance fees Nevertheless, the relationship has its complexities. For example, Venezuela claims an extremely large share of Guyana which belongs to the CARICOM group. It also has actually extended its claims in terms of seaside waters based on 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 Additional hints believe we are at a point where the relationship is going to become very unpredictable due to the fact that of nobody knows precisely what will occur in the Caribbean with Venezuela.
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Numerous Caribbean countries are thinking beyond Petrocaribe since they do not assume that it will continue in its present form and they need to be considering alternatives. This creates a point in which new efforts, including from the U.S - How long can you finance a camper. in energy, would be extremely welcome in the area. Ms. Ros-Lehtinen. Thank you extremely much, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for requiring time to diminish 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 extremely much with your expertise and since the Caribbean is incredibly essential, I think.
It is actually, you know when you take a look at our hemisphere and we have actually got to make certain that we enhance and working together. And I hear my colleagues in concerns to specifically Petrocaribe, but I believe that the concerns that are challenging a lot of the islands-- and I observe, for example, Mr. Ambassador, you listed as number six in order of priority the energy crisis, et cetera, in attempting to make sure. So I want to search for out as it relates to the islands themselves the things that are most pressing with them that would help them total with their economy, since I understand, for example, you can't simply depend upon tourist or you can't just rely on, you know, they have the diversity of it needs to be there.