The de-risking of the correspondent banking relationships are very important to the Caribbean due to the fact that global monetary banks have been vital not just to domestic economy however in its link to the international economy. Some services have already been choked off and there need to be a method for us to find an initiative that integrates the security goals which we register for, and likewise at the exact same time, enable financial intermediation such as trade funding, transfers of profits, debt payments, et cetera, to continue. Thirdly, security. The little states of the Caribbean discover it really hard to compete with transnational criminal activity linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has actually done an impressive job in supporting these countries, but I believe there is room to do more in the interest of our shared security. Security these days can just be defined as worldwide and can just be reacted to by cooperation among nations. Furthermore, in the trade location there are some great legislation in location for trade. Nevertheless, numerous of the Caribbean countries are now service oriented nations and we need to examine possibilities for promoting shared and advantageous value chains which combine U.S. and Caribbean in services such as healthcare, education, and back workplace support. I believe by integrating the skills on Capitol Hill with some Check out this site of the personnels in the Caribbean, these firms can stay competitive both here and in the U.S - How to finance a private car sale.
The Caribbean nations are coastal societies. Facilities, economic activity, population, the structure environment are all concentrated on a narrow strip on the coast, even for those nations which are not islands, for example, Belize and Guyana. It suggests that they are amongst the most susceptible nations to climate change. More resources need to be made offered in a more accessible method to alleviate climate change and to help these countries in making it through. And I point especially to the traveler industry which is seriously dependent on the quality of that immediate coastal strip. Lastly, energy (How long can you finance a camper). 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 energy which is amongst the greatest cost in the world onto energy in more economical sources. That would serve to restore a whole variety of financial activity, consisting of production. What is a consumer finance company. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that require to be resolved. If we might address them in one general effort led by the U.S. and involving the development of banks, I believe that they strengthen each other and it is time for a new vibrant initiative in U.S. policy towards the Caribbean.
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[The ready 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 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 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 important hearing. And I do not believe that we can discuss U.S.
Venezuela established Petrocaribe in 2005 to assist affect numerous nations in the hemisphere and up to this point the method has worked. Nevertheless, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro regime. So it offers the U.S. an opportunity to fill that space, and this is where we require the State Department and the Department of Energy to be extremely concentrated on this effort right now due to the fact that it is in our national security interest to collaborate an energy solution; a method so that fewer countries in the Western Hemisphere would be dependent on a really undependable Venezuela.
And I think that we have actually got to be working with our partners, our allies in the Caribbean to help them make the most of the plentiful and inexpensive gas and the brand-new advanced tidy wind and solar technologies available. By doing this we strengthen our partners' economies, we buffer the area from the effects of Venezuelan collapse and take realistic actions towards reducing carbon emissions. So the crisis in Venezuela may trigger an oil supply interruption. What impact would such a disturbance have on the Caribbean nations? Mr. Bernal. My associates are determined to ensure I carry 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 lots of Caribbean nations were actually extremely stretched financially and actually needed some support. Nevertheless, the relationship has its complexities. For example, Venezuela claims a huge share of Guyana which is a member of the CARICOM group. It likewise has actually extended its claims in terms of 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 juncture where the relationship is going to become really unforeseeable because of no one knows precisely what will take place in the Caribbean with Venezuela.
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Several Caribbean countries are thinking beyond Petrocaribe due to the fact that they do not assume that it will continue in its present form and they have to be thinking of options. This produces a point in which new initiatives, consisting of from the U.S - How to finance a house flip. in energy, would be very welcome in the region. Ms. Ros-Lehtinen. Thank Additional reading you quite, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for requiring 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 good to see all of you who, you understand, we rely upon quite with your expertise and because the Caribbean is incredibly important, I think.
It is really, you understand when you take a look at our hemisphere and we have got to make certain that we strengthen and interacting. And I hear my coworkers in regards to specifically Petrocaribe, but I believe that the issues that are facing a lot of the islands-- and I notice, for example, Mr. Ambassador, you listed as number 6 in order of concern the energy crisis, et cetera, in attempting to ensure. So I desire to search for out as it refers to the islands themselves the things that are most pushing with them that would help them overall with their economy, since I know, for example, you can't simply rely on tourist or you can't simply depend upon, you understand, they have the diversity of it needs to be there.