The de-risking of the correspondent banking relationships are very crucial to the Caribbean since global financial banks have actually been important not only to domestic economy however in its link to the global economy. Some services have actually already been choked off and there must be a method for us to find an effort that combines the security goals which we sign up for, and also at the same time, permit financial intermediation such as trade funding, transfers of earnings, financial obligation payments, et cetera, to continue. Thirdly, security. The little states of the Caribbean find it really difficult to compete with multinational criminal offense connected to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has done an exceptional job in supporting these countries, but I think there is space to do more in the interest of our shared security. Security these days can only be specified as international and can only be responded to by cooperation among nations. Fourthly, in the trade area there are some good legislation in location for trade. Nevertheless, much of the Caribbean nations are now service oriented countries and we need to take a look at possibilities for promoting mutual and helpful worth chains which integrate U.S. and Caribbean in services such as health care, education, and back office support. I believe by integrating the skills on Capitol Hill with some of the human resources in the Caribbean, these firms can stay competitive both here and in the U.S - What is a finance charge on a credit card.
The Caribbean nations are seaside societies. Infrastructure, 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 amongst the most vulnerable nations to climate change. More resources need to be made readily available in a more available method to reduce climate modification and to help these countries in making it through. And I point particularly to the traveler industry which is critically depending on the quality of that instant seaside strip. Finally, energy (Which of the following can be described as involving direct finance?). 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 electricity which is among the greatest expense in the world onto energy in less costly sources. That would serve to restore an entire series of economic activity, including manufacturing. How long can i finance a used car. And I conclude, Mr. Chairman, by stating that all of these are interrelated aspects that what is the timeshare require to be attended to. If we could resolve them in one general initiative led by the U.S. and including the advancement of monetary organizations, I believe that they reinforce each other and it is time for a new bold initiative in U.S. policy toward the Caribbean.
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[The prepared declaration of Mr. Bernal follows:] [GRAPHIC( S) NOT OFFERED 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 former chairman of the full committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so extremely much and I ask forgiveness 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 do not believe that we can talk about U.S.
Venezuela established Petrocaribe in 2005 to help influence lots of nations in the hemisphere and as much as 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 regime. So it gives 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 coordinate an energy option; a method so that less nations in the Western Hemisphere would be reliant 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 abundant and inexpensive natural gas and the new sophisticated clean wind and solar technologies available. This method we reinforce our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take realistic steps towards lowering carbon emissions. So the crisis in Venezuela might cause an oil supply disturbance. What impact would such an interruption have on the Caribbean countries? Mr. Bernal. My associates 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 initiated the Petrocaribe at a time when many Caribbean nations were truly very extended financially and actually required some support. However, the relationship has its intricacies. For instance, Venezuela declares a really large share of Guyana which is a member of the CARICOM group. It also has extended its claims in terms of coastal waters based on an island nearly 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial backing. I think we are at a point where the relationship is going to become extremely unpredictable since of no one knows precisely what will take place 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 type and they need to be considering alternatives. This develops a point in which brand-new efforts, including from the U.S - What happened to yahoo finance portfolios. in energy, would be really welcome in the region. Ms. Ros-Lehtinen. Thank you really 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 https://www.tricksroad.com/2019/01/timeshare-travel-blogs-for-frequent-miller.html see all of you who, you know, we trust very much with your knowledge and because the Caribbean is incredibly important, I believe.
It is really, you understand when you take a look at our hemisphere and we have got to make certain that we reinforce and interacting. And I hear my colleagues in concerns to specifically Petrocaribe, but I believe that the concerns that are challenging a great deal of the islands-- and I see, for example, Mr. Ambassador, you noted as number six in order of priority the energy crisis, et cetera, in attempting to make sure. So I desire to search for out as it relates to the islands themselves the things that are most pushing with them that would assist them total with their economy, due to the fact that I understand, for instance, you can't just rely on tourist or you can't simply depend upon, you understand, they have the diversification of it needs to be there.