The de-risking of the reporter banking relationships are really important to the Caribbean because worldwide monetary banks have actually been important not just to domestic economy however in its link to the international economy. Some services have actually already been choked off and there should be a way for us to find an initiative that integrates the security goals which we register for, and likewise at the very same time, allow financial intermediation such as trade financing, transfers of revenues, financial obligation payments, et cetera, to continue. Third, security. The little states of the Caribbean discover it extremely tough to contend with multinational crime connected to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has actually done an impressive task in supporting these nations, but I think there is space to do more in the interest of our shared security. Security these days can just be defined as international and can only be responded to by cooperation amongst countries. Fourthly, in the trade location there are some excellent legislation in location for trade. However, many of the Caribbean countries are now service oriented countries and we require to analyze possibilities for promoting mutual and helpful worth chains which combine U.S. and Caribbean in services such as health care, education, and back office assistance. I believe by combining the abilities on Capitol Hill with a few of the human resources in the Caribbean, these firms can stay competitive both here and in the U.S - What is a future in finance.
The Caribbean nations are seaside societies. Infrastructure, 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 means that they are among the most vulnerable nations to environment modification. More resources require to be offered in a more accessible way to mitigate environment modification and to help these countries in surviving. And I point particularly to the tourist industry which is seriously based on the quality of that immediate coastal strip. Finally, energy (What was the reconstruction finance corporation). 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 greatest expense in the world onto energy in less costly sources. That would serve to revive a whole variety of financial activity, consisting of production. Which of the following can be described as involving direct finance?. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require to be attended to. If we could address them in one overall initiative led by the U.S. and including the advancement of banks, I think that they reinforce each other and it is time for a brand-new strong initiative in U.S. policy toward the Caribbean.
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[The prepared statement of Mr. Bernal follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you so much for making the effort to be here. Mr. Meeks has actually agreed we are going to skip over him and go to the former chairman of the complete committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so quite and I excuse 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 think that we can go over U.S.
Venezuela developed Petrocaribe in 2005 to help influence lots of countries in the hemisphere and as much as this point the method has worked. However, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro program. So it offers the U.S. a chance to fill that space, and this is where we need the State Department and the Department of Energy to be very concentrated on this effort today due to the fact that it is in our nationwide security interest to coordinate an energy option; a method so that less nations in the Western Hemisphere would depend on a very unreliable Venezuela.
And I think that we have actually got to be working with our partners, our allies in the Caribbean to assist https://604be478e81f9.site123.me/#section-61bc31926a454 them take advantage of the plentiful and cheap gas and the brand-new advanced tidy wind and solar innovations offered. In this manner we reinforce our partners' economies, we buffer the area from the effects of Venezuelan collapse and take reasonable steps toward minimizing carbon emissions. So the crisis in Venezuela may trigger an oil supply interruption. What impact would such a disruption have on the Caribbean nations? Mr. Bernal. My coworkers are identified to make sure I carry a fair 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 lots of Caribbean countries were actually very extended financially and really needed some help. However, the relationship has its intricacies. For example, Venezuela declares a huge share of Guyana which is a member of the CARICOM group. It likewise has extended its claims in regards to seaside waters based on an island almost 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some financial backing. I think we are at a point where the relationship is going to become extremely unpredictable due to the fact that of nobody understands precisely what will happen in the Caribbean with Venezuela.
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A number of Caribbean nations are believing beyond Petrocaribe because they do not presume that it will continue in its present kind and they have to be thinking about alternatives. This develops a point in which new initiatives, including from the U.S - What happened to household finance corporation. in energy, would be very 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 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 great to see all of you who, you know, we rely upon really much with your competence and since the Caribbean is incredibly crucial, I believe.
It is actually, you know when you take a look at our hemisphere and we have actually got to ensure that we strengthen and interacting. And I hear my coworkers in regards to specifically Petrocaribe, however I think that the problems that are facing a great deal of the islands-- and I see, for instance, Mr. Ambassador, you noted as number six in order of top priority the energy crisis, et cetera, in attempting to make sure. So I wish to attempt to discover out as it ethan wfg pertains to the islands themselves the important things that are most pressing with them that would assist them overall with their economy, due to the Get more information fact that I know, for example, you can't just rely on tourist or you can't simply depend upon, you understand, they have the diversity of it needs to be there.