The de-risking of the correspondent banking relationships are very essential to the Caribbean because worldwide monetary banks have actually been important not only to domestic economy however in its link to the worldwide economy. Some services have actually already been choked off and there must be a way for us to find an initiative that combines the security goals which we register for, and likewise at the very same time, enable financial intermediation such as trade financing, transfers of earnings, financial obligation wesley investments payments, et cetera, to continue. Thirdly, security. The small states of the Caribbean discover it really challenging to contend with transnational crime connected to narcotics trafficking, Have a peek here global terrorism, cybersecurity, et cetera.
has done an exceptional job in supporting these countries, but I think there is room to do more in the interest of our mutual security. Security these days can just be specified as international and can just be reacted to by cooperation among countries. Fourthly, in the trade location there are some great legislation in place for trade. Nevertheless, a lot of the Caribbean nations are now service oriented nations and we need to examine possibilities Go to this website for promoting mutual and advantageous value chains which integrate U.S. and Caribbean in services such as healthcare, education, and back office assistance. I believe by combining the abilities on Capitol Hill with some of the human resources in the Caribbean, these firms can remain competitive both here and in the U.S - What is internal rate of return 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 instance, Belize and Guyana. It indicates that they are amongst the most susceptible nations to environment change. More resources require to be provided in a more accessible method to alleviate environment modification and to assist these countries in making it through. And I point particularly to the tourist market which is seriously based on the quality of that immediate coastal strip. Lastly, energy (How to finance a private car sale). The Caribbean, bar the exceptions of Trinidad and Tobago, depend heavily on importation of energy.
Solar, wind, and thermal all have possibilities, and to move the production of electricity which is amongst the greatest cost on the planet onto energy in more economical sources. That would serve to revive an entire range of economic activity, consisting of production. What is a swap in finance. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require to be attended to. If we might address them in one general initiative led by the U.S. and involving the development of banks, I think that they reinforce each other and it is time for a new vibrant initiative in U.S. policy towards 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 a lot for making the effort to be here. Mr. Meeks has agreed we are going to skip 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 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 essential hearing. And I do not believe that we can go over U.S.
Venezuela established Petrocaribe in 2005 to assist affect lots of nations in the hemisphere and as much as this point the technique has worked. Nevertheless, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro routine. 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 exceptionally concentrated on this effort right now because it remains in our nationwide security interest to collaborate an energy service; a method so that fewer countries in the Western Hemisphere would depend on a very unreliable Venezuela.
And I think 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 brand-new advanced tidy wind and solar technologies readily available. This method we enhance our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take sensible steps toward minimizing carbon emissions. So the crisis in Venezuela might cause an oil supply disruption. What impact would such a disturbance have on the Caribbean countries? Mr. Bernal. My associates are figured out to make certain I carry 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 numerous Caribbean nations were actually very extended financially and actually needed some help. Nevertheless, the relationship has its intricacies. For instance, Venezuela claims a very big share of Guyana which belongs to the CARICOM group. It likewise has actually extended its claims in terms of seaside waters based on an island practically 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial assistance. I think we are at a juncture where the relationship is going to end up being extremely unpredictable since of nobody understands precisely what will happen in the Caribbean with Venezuela.
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A number of Caribbean countries are thinking beyond Petrocaribe because they do not assume that it will continue in its present kind and they need to be thinking about options. This creates a point in which new efforts, consisting of from the U.S - What is a consumer finance company. in energy, would be really welcome in the region. Ms. Ros-Lehtinen. Thank you very much, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for requiring 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 good to see all of you who, you understand, we rely upon really much with your expertise and since the Caribbean is exceptionally essential, I believe.
It is actually, you understand when you take a look at our hemisphere and we have got to make sure that we strengthen and interacting. And I hear my coworkers in concerns to specifically Petrocaribe, but I believe that the problems that are confronting a great deal of the islands-- and I discover, for instance, Mr. Ambassador, you noted as number 6 in order of priority the energy crisis, et cetera, in attempting to make sure. So I want to search for out as it relates to the islands themselves the important things that are most pressing with them that would assist them total with their economy, due to the fact that I know, for example, you can't just depend upon tourism or you can't simply rely on, you know, they have the diversification of it needs to be there.