The de-risking of the correspondent banking relationships are very essential to the Caribbean due to the fact that international financial banks have been important not just to domestic economy but in its link to the international economy. Some services have actually already been choked off and there need to be a way for us to discover an initiative that combines the security objectives which we register for, and also at the very same time, permit financial intermediation such as trade funding, transfers of revenues, financial obligation payments, et cetera, to continue. Finally, security. The small states of the Caribbean discover it very hard to compete with multinational criminal offense linked to narcotics trafficking, worldwide 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 specified as worldwide and can only be reacted to by cooperation amongst nations. Furthermore, in the trade location there are some good legislation in place for trade. However, a number of the Caribbean countries are now service oriented nations and we require to examine possibilities for promoting shared and beneficial worth chains which combine U.S. and Caribbean in services such as health care, education, and back office support. I think by integrating the abilities on Capitol Hill with some of the human resources in the Caribbean, these companies can stay competitive both here and in the U.S - How to finance a car from a private seller.
The Caribbean nations are seaside societies. Infrastructure, 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 suggests that they are amongst the most vulnerable countries to climate change. More resources require to be offered in a more accessible method to reduce climate modification and to assist these nations in making it through. And I point especially to the traveler market which is seriously based on the quality of that instant coastal strip. Lastly, energy (How long can i finance a used car). 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 expense in the world onto energy in less expensive sources. That would serve to revive an entire variety of economic activity, consisting of production. What are the two ways government can finance a budget deficit?. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that need to be resolved. If we could address them in one total effort led by the U.S. and involving the development of banks, I think that they strengthen each other and it is time for a new bold initiative in U.S. policy toward the Caribbean.
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[The prepared statement 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 actually concurred we are going to avoid over him and go to the former chairman of the full committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so very 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 important hearing. And I do not think that we can discuss U.S.
Venezuela developed Petrocaribe in 2005 to assist influence lots of nations in the hemisphere and approximately this point the technique has worked. Nevertheless, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro regime. So it provides the U.S. a chance to fill that void, and this is where we need the State Department and the Department of Energy to be incredibly focused on this effort right now since it is in our national security interest to collaborate an energy solution; a strategy so that less countries in the Western Hemisphere would depend on an extremely unreliable Venezuela.
And I think that we have got to be dealing with our partners, our allies in the Caribbean to help them benefit from the plentiful and cheap natural gas and the new advanced tidy wind and solar technologies available. In this manner we strengthen our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take sensible actions toward reducing carbon emissions. So the crisis in Venezuela might trigger an oil supply disturbance. What effect would such a disturbance have on the Caribbean countries? Mr. Bernal. My coworkers are determined to ensure I bring 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 nations were really extremely stretched economically and actually needed some assistance. However, the relationship has its intricacies. 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 away from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some financial support. I think we are at a point where the relationship is going to Click here for more info become really unforeseeable due to the fact that of nobody knows precisely what will occur in the Caribbean with Venezuela.
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Numerous Caribbean nations are thinking beyond Petrocaribe since they do not assume that it will continue in its present kind and they need to be considering alternatives. This produces a point in which new initiatives, consisting of from the U.S - How to finance a second home. 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 taking some time to run down here. The Chair will now go to Mr. Meeks. Mr. Meeks. Thank you, Mr. Chairman. And thank you for Great post to read being here, and great to see all of you who, you know, we rely upon very much with your know-how and due to the fact that the Caribbean is exceptionally important, I think.
It is really, you know when you take a look at our hemisphere and we have got to ensure that we enhance and interacting. And I hear my colleagues in regards to specifically Petrocaribe, however I think that the concerns that are facing a lot of the islands-- and I discover, for instance, Mr. Ambassador, you listed as number 6 in order of concern the energy crisis, et cetera, in trying to make certain. So I desire to search for out as it relates to the islands themselves the things that are most pushing with them that would help them general with their economy, since I understand, for instance, you can't just depend upon tourism or you can't simply rely on, you know, they have the diversity of it requires to be there.