The de-risking of the correspondent banking relationships are extremely important to the Caribbean since international monetary banks have been important not just to domestic economy but in its link to the worldwide economy. Some services have already been choked off and there must be a way for us to discover an effort that combines the security goals which we register for, and also at the very same time, enable monetary intermediation such as trade financing, transfers of revenues, financial obligation payments, et cetera, to continue. Third, security. The small states of the Caribbean find it extremely difficult to contend with multinational criminal activity linked to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has actually done an exceptional job in supporting these countries, but 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 countries. Fourthly, in the trade area there are some excellent legislation in place for trade. Nevertheless, a number of the Caribbean nations are now service oriented nations and we require to take a look at possibilities for promoting mutual and helpful worth chains which combine U.S. and Caribbean in services such as healthcare, education, and back office support. I think by integrating the skills on Capitol Hill with a few of the personnels in the Caribbean, these firms can stay competitive both here and in the U.S - How old of a car will a bank finance.
The Caribbean nations are coastal societies. Infrastructure, financial activity, population, the building environment are all concentrated on a narrow strip on the coast, even for those countries which are not islands, for example, Belize and Guyana. It indicates that they are among the most susceptible nations to environment modification. More resources need to be made offered in a more accessible way to mitigate climate change and to help these nations in making it through. And I point particularly to the traveler market which is seriously depending on the quality of that instant coastal strip. Lastly, energy (Which of the following was eliminated as a result of 2002 campaign finance reforms?). 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 electrical power which is among the greatest cost on the planet onto energy in less costly sources. That would serve to restore a whole range of economic activity, consisting of production. Accounting vs finance which is harder. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that require to be dealt with. If we might resolve them in one overall initiative led by the U.S. and involving the advancement of monetary institutions, I think that they enhance each other and it is time for a new vibrant 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 actually agreed we are going to avoid over him and go to the previous chairman of the full 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 essential hearing. And I do not believe that we can talk about U.S.
Venezuela developed Petrocaribe in 2005 to assist influence many countries in the hemisphere and approximately this point the method has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro routine. So it offers 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 extremely focused on this effort today due to the fact that it is in our nationwide security interest to collaborate an energy option; a technique so that less nations in the Western Hemisphere would depend on a very unreliable Venezuela.
And I think that we have actually got to be dealing with our partners, our allies in the Caribbean to assist them benefit from the plentiful and low-cost natural gas and the new sophisticated tidy wind and solar technologies available. By doing this we strengthen our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take practical steps towards reducing carbon emissions. So the crisis in Venezuela might trigger an oil supply disruption. What effect would such a disturbance have on the Caribbean countries? Mr. Bernal. My associates are figured out to make sure 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 extremely extended financially and really needed some help. Nevertheless, the relationship has its complexities. For instance, Venezuela declares a huge share of Guyana which belongs to the CARICOM group. It also has actually extended its claims in terms of seaside waters based upon an island nearly 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some financial backing. I believe we are at a juncture where the relationship is going to end up being really unforeseeable since of nobody understands precisely what will happen in the Caribbean with Venezuela.
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A number of Caribbean nations are thinking beyond Petrocaribe due to the fact that they do not presume that it will continue in its present form and they need to be thinking about alternatives. This produces a point in which brand-new efforts, including from the U.S - How to finance an engagement ring. in energy, would be very welcome in the region. Ms. Ros-Lehtinen. Thank you extremely much, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking 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 trust quite with your expertise and since the Caribbean is exceptionally More helpful hints important, I think.
It is really, you understand when you look at our hemisphere and we have got to ensure that we enhance and working together. And I hear my associates in concerns to especially Petrocaribe, however I believe that the concerns that are confronting a price of timeshares great deal of the islands-- and I discover, for example, Mr. Ambassador, you noted as number six in order of concern the energy crisis, et cetera, in trying to make certain. So I wish to search for out as it refers to the islands themselves the important things that are most pressing with them that would help them overall with their economy, since I understand, for instance, you can't simply depend upon tourist or you can't simply rely on, you know, they have the diversity of it needs to be there.