The de-risking of the correspondent banking relationships are extremely essential to the Caribbean due to the fact that worldwide monetary 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 should be a way for us to discover default on timeshare an initiative that integrates the security goals which we register for, and likewise at the exact same time, permit https://webhitlist.com/profiles/blogs/examine-this-report-about-how-to-finance-an-older-car financial intermediation such as trade funding, transfers of earnings, debt payments, what happens when a timeshare is foreclosed on you et cetera, to continue. Thirdly, security. The small states of the Caribbean find it really challenging to compete with global criminal offense connected to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has actually done an impressive job in supporting these countries, but I think there is space to do more in the interest of our shared security. Security nowadays can just be specified as global and can only be reacted to by cooperation among nations. Fourthly, in the trade area there are some excellent legislation in location for trade. However, a number of the Caribbean countries are now service oriented countries and we need to examine possibilities for promoting mutual and useful value chains which integrate U.S. and Caribbean in services such as healthcare, education, and back office support. I believe by combining the abilities on Capitol Hill with a few of the human resources in the Caribbean, these companies can stay competitive both here and in the U.S - What was the reconstruction finance corporation.
The Caribbean countries are coastal societies. Infrastructure, financial activity, population, the building environment are all concentrated on a narrow strip on the coast, even for those nations which are not islands, for instance, Belize and Guyana. It indicates that they are amongst the most vulnerable nations to climate modification. More resources need to be provided in a more accessible way to mitigate environment change and to assist these nations in making it through. And I point especially to the traveler industry which is critically depending on the quality of that immediate coastal strip. Lastly, energy (Which results are more likely for someone without personal finance skills? Check all that apply.). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.
Solar, wind, and thermal all have possibilities, and to move the production of electrical energy which is among the greatest cost in the world onto energy in less pricey sources. That would serve to revive an entire variety of financial activity, including manufacturing. How old of a car will a bank finance. And I conclude, Mr. Chairman, by stating that all of these are interrelated aspects that need to be addressed. If we might resolve them in one general initiative led by the U.S. and including the development of monetary institutions, I believe that they strengthen each other and it is time for a new bold initiative in U.S. policy towards 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 so much for making the effort to be here. Mr. Meeks has 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 very much and I ask forgiveness 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 essential hearing. And I do not believe that we can go over U.S.
Venezuela established Petrocaribe in 2005 to assist affect many countries in the hemisphere and up to this point the technique has worked. Nevertheless, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro regime. So it gives the U.S. a chance to fill that space, and this is where we require the State Department and the Department of Energy to be incredibly focused on this effort right now since it remains in our national security interest to coordinate an energy solution; a technique so that fewer nations in the Western Hemisphere would depend on an extremely undependable Venezuela.
And I believe that we have got to be dealing with our partners, our allies in the Caribbean to assist them benefit from the plentiful and cheap natural gas and the new innovative tidy wind and solar innovations readily available. In this manner we strengthen our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take realistic actions toward decreasing carbon emissions. So the crisis in Venezuela might trigger an oil supply disruption. What effect would such a disruption have on the Caribbean countries? Mr. Bernal. My associates are determined to make certain I carry 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 numerous Caribbean countries were actually very extended financially and really needed some assistance. Nevertheless, the relationship has its complexities. For example, Venezuela declares an extremely big share of Guyana which is a member of the CARICOM group. It also has actually extended its claims in terms of seaside waters based upon an island almost 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some financial backing. I believe we are at a point where the relationship is going to end up being extremely unpredictable due to the fact that of nobody knows precisely what will happen in the Caribbean with Venezuela.
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Several Caribbean countries are believing beyond Petrocaribe due to the fact that 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, including from the U.S - How old of a car will a bank finance. in energy, would be very welcome in the region. Ms. Ros-Lehtinen. Thank you very much, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking some 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 understand, we trust extremely much with your expertise and due to the fact that the Caribbean is exceptionally crucial, I believe.
It is really, you know when you take a look at our hemisphere and we have actually got to make sure that we enhance and interacting. And I hear my associates in concerns to particularly Petrocaribe, however I believe that the problems that are confronting a great deal of the islands-- and I discover, for example, Mr. Ambassador, you listed as number six in order of priority the energy crisis, et cetera, in trying to make certain. So I desire to search for out as it pertains to the islands themselves the important things that are most pressing with them that would help them total with their economy, since I understand, for instance, you can't just rely on tourist or you can't simply rely on, you understand, they have the diversification of it needs to be there.