The de-risking of the correspondent banking relationships are really essential to the Caribbean because international monetary banks have actually been important not only to domestic economy but in its link to the worldwide economy. Some services have actually already been choked off and there should be a way for us to discover an effort that combines the security goals which we register for, and likewise at the exact same time, permit monetary intermediation such as trade financing, transfers of profits, debt payments, et cetera, to continue. Third, security. The little states of the Caribbean discover it very challenging to contend with global criminal activity linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an exceptional task in supporting these countries, however I think there is room to do more in the interest of our mutual security. Security nowadays can just be specified as global and can just be reacted to by cooperation amongst countries. Furthermore, in the trade location there are some excellent legislation in location for trade. Nevertheless, many of the Caribbean countries are now service oriented nations 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 skills on Capitol Hill with a few of the human resources in the Caribbean, these firms Visit this page can remain competitive both here and in the U.S - What do you need to finance a car.
The Caribbean countries are seaside societies. Facilities, economic activity, population, the building environment are all focused on a narrow strip on the coast, even for those countries which are not islands, for example, Belize and Guyana. It implies that they are among the most susceptible nations to environment modification. More resources need to be provided in a more accessible method to mitigate climate change and to help these countries in surviving. And I point particularly to the tourist market which is seriously based on the quality of that immediate seaside strip. Lastly, energy (How many years can you finance a boat). 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 electricity which is among the highest cost in the world onto energy in more economical sources. That would serve to restore a whole variety of economic activity, including manufacturing. How old of a car will a bank finance. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that need to be attended to. If we could resolve them in one overall effort led by the U.S. and including the development of financial organizations, I believe that they enhance each other and it is time for a new strong initiative in U.S. policy towards the Caribbean.
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[The ready declaration 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 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 apologize for 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 don't believe that we can talk about U.S.
Venezuela developed Petrocaribe in 2005 to help influence numerous countries in the hemisphere and up to this point the method has worked. However, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro program. So it provides the U.S. a chance to fill that void, and this is where we require the State Department and the Department of Energy to be very concentrated on this effort today due to the fact that it remains in our national security interest to collaborate an energy solution; a method so that less nations in the Western Hemisphere would be reliant on a very undependable Venezuela.
And I think that we have got to be working with our partners, our allies in the Caribbean to help them benefit from the plentiful and cheap natural gas and the brand-new innovative clean wind and solar technologies available. In this manner we strengthen our partners' economies, we buffer the region from the effects of Venezuelan collapse and take sensible steps toward decreasing carbon emissions. So the crisis in Venezuela might cause an oil supply interruption. What impact would such an interruption have on the Caribbean countries? Mr. Bernal. My coworkers are identified to make sure I bring a reasonable 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 lots of Caribbean countries were truly very extended financially and truly needed some help. Nevertheless, the relationship has its intricacies. For example, Venezuela claims a huge share of Guyana which belongs to the CARICOM group. It also has extended its claims in regards to seaside waters based upon an island practically 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of some financial backing. I believe we are at a point where the relationship is going to become extremely unpredictable because of no one understands precisely what will occur in the Caribbean with Venezuela.
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Several Caribbean countries are thinking beyond Petrocaribe due to the fact that they don't assume that it will https://www.easkme.com/2020/07/crucial-things-check-before-buying-house.html continue in its present kind and they need to be considering options. This produces a juncture in which new initiatives, including from the U.S - How to finance a second home. in energy, would be extremely 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 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 being here, and great to see all of you who, you know, we trust extremely much with your knowledge and since the Caribbean is extremely essential, I believe.
It is really, you understand when you look at our hemisphere and we have actually got to make certain that we reinforce and interacting. And I hear my associates in concerns to specifically Petrocaribe, but I think that the concerns that are confronting a great deal 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 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 overall with their economy, since I know, for example, you can't simply rely on tourism or you can't simply depend upon, you understand, they have the diversity of it requires to be there.