The de-risking of the reporter banking relationships are really crucial to the Caribbean since global financial banks have been important not only to domestic economy but in its link to the worldwide economy. Some services have already been choked off and there should be a method for us to discover an effort that combines the security objectives which we register for, and likewise at the very same time, permit financial intermediation such as trade financing, transfers of revenues, debt payments, et cetera, to continue. Finally, security. The small states of the Caribbean discover it extremely tough to contend with transnational crime connected to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has done an outstanding task in supporting these countries, but I believe there is room to do more in the interest wesley financial reviews of our mutual security. Security nowadays can only be specified as international and can just be reacted to by cooperation amongst nations. Furthermore, in the trade area there are some good legislation in location for trade. However, much of the Caribbean countries are now service oriented nations and we require to take a look at possibilities for promoting shared and helpful value chains which combine U.S. and Caribbean in services such as health care, education, and back office support. I believe by integrating 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 - What is a note in finance.
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 nations which are not islands, for example, Belize and Guyana. It means that they are amongst the most susceptible nations to environment modification. More resources require to be made offered in a more accessible way to mitigate climate change and to help these nations in enduring. And I point especially to the traveler market which is critically based on the quality of that immediate coastal strip. Finally, energy (What does ltm mean in finance). 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 electricity which is amongst the highest expense in the world onto energy in less costly sources. That would serve to revive a whole range of financial activity, consisting of production. What jobs can i get with a finance degree. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that need to be attended to. If we might address them in one total initiative led by the U.S. and including the advancement of monetary institutions, I believe that they strengthen each other and it is time for a brand-new bold 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 actually agreed 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 apologize 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 crucial hearing. And I don't believe that we can discuss U.S.
Venezuela established Petrocaribe in 2005 to assist influence lots of countries in the hemisphere and as much as this point the strategy has worked. However, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro regime. 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 concentrated on this effort right now since it remains in our national security interest to coordinate an energy option; a method so that less countries in the Western Hemisphere would depend on an extremely undependable Venezuela.
And I think that we have got to be working with our partners, our allies in the Caribbean to assist them take advantage of the abundant and low-cost natural gas and the brand-new advanced tidy wind and solar innovations readily available. In this manner we reinforce our partners' economies, we buffer the area from the effects of Venezuelan collapse and take reasonable steps towards minimizing carbon emissions. So the crisis in Venezuela may trigger an oil supply disruption. What impact would such an interruption have on the Caribbean nations? Mr. Bernal. My colleagues are figured out to ensure I bring a reasonable share of the load.
Thank you for that. The relationship with Venezuela is a long and complex one. Venezuela started the Petrocaribe at a time when numerous Caribbean nations were actually very stretched economically and actually required some support. Nevertheless, the relationship has its complexities. For example, Venezuela declares a large share of Guyana which is a member of the CARICOM group. It also has extended its claims in regards to seaside waters based on an island nearly 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some monetary assistance. I believe we are at a point where the relationship is going to end up being very unforeseeable because of nobody understands precisely what will take place in the Caribbean with Venezuela.
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Several Caribbean nations are believing beyond Petrocaribe due to the fact that they don't assume that it will continue in its present form and they have to be considering alternatives. This develops a point in which brand-new efforts, consisting of from the U.S - Which of these arguments might be used by someone who supports strict campaign finance laws?. in energy, would be really welcome in the region. Ms. Click to find out more 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 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 understand, we rely upon quite with your competence and because the Caribbean is incredibly crucial, I think.
It is really, you know when you look at our hemisphere and we have actually got to make certain that we strengthen and interacting. And I hear my associates in concerns to particularly Petrocaribe, but I think that the issues that are challenging a great deal of the islands-- and I notice, for instance, Mr. Ambassador, you noted as number six in order of concern the energy crisis, et cetera, in trying to make sure. So I wish to try to discover out as it relates to the islands themselves the things that are most pushing with them that would assist them total with their economy, because I understand, for instance, you can't just depend upon tourist or you can't just depend upon, you understand, they have the diversity of it requires to be there.