The de-risking of the reporter banking relationships are very essential to the Caribbean because international monetary banks have been critical not only to domestic economy however in its link to the international economy. Some services have actually currently been choked off and there should be a way for us to find an effort that combines the security goals which we sign up for, and also at the same time, allow monetary intermediation such as trade funding, transfers of earnings, financial obligation payments, et cetera, to continue. Third, security. The little states of the Caribbean find it extremely tough to contend with global criminal activity connected to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has done an outstanding job in supporting these countries, but I think there is room to do more in the interest of our mutual security. Security nowadays can only be specified as global and can just be reacted to Article source by cooperation among countries. Fourthly, in the trade location there are some good legislation in location for trade. Nevertheless, much of the Caribbean nations are now service oriented nations and we need to examine possibilities for promoting shared and helpful worth chains which integrate U.S. and Caribbean in services such as healthcare, education, and back office assistance. I think by combining the abilities on Capitol Hill with some of the personnels in the Caribbean, these companies can remain competitive both here and in the U.S - How to finance a car from a private seller.
The Caribbean countries are seaside societies. Facilities, financial activity, population, the building environment are all focused on a narrow strip on the coast, even for those nations which are not islands, for instance, Belize and Guyana. It means that they are among the most susceptible nations to environment change. More resources need to be made readily available in a more available way to alleviate environment change and to help these countries in making it through. And I point especially to the tourist market which is critically based on the quality of that immediate seaside strip. Finally, energy (Which one of the following occupations best fits into the corporate area of 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 highest expense on the planet onto energy in cheaper sources. That would serve to restore a whole variety of economic activity, consisting of production. What is a consumer finance account. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that require to be attended to. If we might resolve them in one total effort led by the U.S. and including the advancement of financial organizations, I think that they enhance each other and it wesley financial group fees 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 OFFERED 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 avoid over him and go to the former chairman of the complete committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so extremely much 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 established Petrocaribe in 2005 to assist affect lots of nations in the hemisphere and as much as this point the strategy has worked. Nevertheless, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro program. So it provides the U.S. an opportunity to fill that space, and this is where we need 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 collaborate an energy service; a technique so that less nations in the Western Hemisphere would depend on a really unreliable Venezuela.
And I believe that we have actually got to be working with our partners, our allies in the Caribbean to assist them benefit from the abundant and inexpensive natural gas and the new sophisticated tidy wind and solar innovations offered. This way we strengthen our partners' economies, we buffer the region from the effects of Venezuelan collapse and take more info practical actions towards lowering carbon emissions. So the crisis in Venezuela might trigger an oil supply interruption. What impact would such a disruption have on the Caribbean nations? Mr. Bernal. My coworkers are figured out to ensure I carry a reasonable share of the load.
Thank you for that. The relationship with Venezuela is a long and complicated one. Venezuela initiated the Petrocaribe at a time when many Caribbean nations were actually very extended economically and actually required some help. However, the relationship has its intricacies. For instance, Venezuela claims a huge share of Guyana which is a member of the CARICOM group. It likewise has extended its claims in regards to seaside waters based upon an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of some financial backing. I think we are at a juncture where the relationship is going to end up being very unpredictable since of no one understands exactly what will happen in the Caribbean with Venezuela.
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A number of Caribbean nations are believing beyond Petrocaribe because they don't presume that it will continue in its present kind and they need to be believing of alternatives. This produces a point in which brand-new efforts, consisting of from the U.S - What does etf stand for in finance. 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 excellent to see all of you who, you know, we trust quite with your expertise and since the Caribbean is very essential, I believe.
It is truly, you know when you take a look at our hemisphere and we have actually got to make sure that we strengthen and collaborating. And I hear my colleagues in regards to particularly Petrocaribe, however I think that the problems that are facing a lot of the islands-- and I notice, for example, Mr. Ambassador, you noted as number six in order of concern the energy crisis, et cetera, in trying to ensure. So I wish to try to find out as it refers to the islands themselves the important things that are most pushing with them that would assist them total with their economy, due to the fact that I know, for example, you can't just depend upon tourist or you can't just rely on, you understand, they have the diversity of it needs to be there.