The de-risking of the reporter banking relationships are extremely important to the Caribbean due to the fact that worldwide financial banks have actually been important not just to domestic economy however in its link to the global economy. Some services have actually already been choked off and there should be a method for us to find an initiative that integrates the security goals which we sign up for, and also at the same time, allow monetary intermediation such as trade financing, transfers of revenues, financial obligation payments, et cetera, to continue. Thirdly, security. The small states of the Caribbean find it very hard to compete with transnational crime linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an outstanding task in supporting these nations, however I believe 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 reacted to by cooperation amongst nations. Fourthly, in the trade location there are some good legislation in place for trade. Nevertheless, numerous of the Caribbean nations are now service oriented nations and we need to examine possibilities for promoting mutual and helpful value chains which combine U.S. and Caribbean in services such as health care, education, and back workplace assistance. I believe by integrating the skills on Capitol Hill with a few of the human resources in the Caribbean, these companies can remain competitive both here and in the U.S - Which of these is the best description of personal finance.
The Caribbean countries are coastal societies. Facilities, economic activity, population, the building environment are all concentrated on a narrow strip on the coast, even for those countries which are not islands, for instance, Belize and Guyana. It suggests that they are among the most vulnerable nations to climate change. More resources need to be offered in a more accessible way to reduce environment change and to assist these countries in surviving. And I point particularly to the tourist industry which is seriously depending on the quality of that immediate seaside strip. Lastly, energy (What jobs can i get with a finance degree). 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 electrical energy which is among the highest cost on the planet onto energy in more economical sources. That would serve to revive an entire variety of financial activity, consisting of manufacturing. How to finance a second home. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that need to be resolved. If we could address them in one general initiative led by the U.S. and involving the development of monetary institutions, I believe that they strengthen each other and it is time for a brand-new bold effort 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 so much for making the effort to be here. Mr. Meeks has actually concurred 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 ask forgiveness for coming late. And we have another hearing which I https://www.thepinnaclelist.com/articles/how-save-hours-your-life-real-estate-strategy/ am chairing on Syria, but thank you, Chairman Duncan and Ranking Member Sires, for holding this essential hearing. And I do not believe that we can discuss U.S.
Venezuela established Petrocaribe in 2005 to help influence many nations in the hemisphere and up to this point the strategy has worked. However, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro routine. So it offers 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 incredibly concentrated on this effort today because it is in our nationwide security interest to coordinate an energy option; a method so that fewer nations in the Western Hemisphere would depend on a really undependable Venezuela.
And I think that we have actually got to be dealing with our partners, our allies in the Caribbean to help them make the most of the abundant and cheap natural gas and the brand-new innovative tidy wind and solar technologies offered. By doing this we reinforce our partners' economies, we buffer the region from the effects of Venezuelan collapse and take realistic steps towards minimizing carbon emissions. So the crisis in Venezuela might cause an oil supply disturbance. What impact would such a disruption have on the Caribbean countries? Mr. Bernal. My coworkers are figured out to ensure I carry a reasonable share of the load.
Thank you for that. The relationship with Venezuela is a long and complicated one. Venezuela initiated the Petrocaribe at a time when many Caribbean nations were truly very extended economically and truly required some assistance. However, the relationship has its complexities. For instance, Venezuela declares a large share of Guyana which belongs to the CARICOM group. It likewise has extended its claims in regards to coastal waters based on an island nearly 400 miles far 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 very unforeseeable because of no one knows precisely what will take place in the Caribbean with Venezuela.
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Numerous Caribbean countries are thinking beyond Petrocaribe since they do not assume that it will continue in its present kind and they have to be considering alternatives. This develops a juncture in which brand-new initiatives, including from the U.S - How old of an rv can you finance. 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 excellent to see all of you who, you know, we rely upon very much with your expertise and because the Caribbean is exceptionally essential, I believe.
It is really, you understand when you take a look at our hemisphere and we have actually got to ensure that we strengthen and interacting. And I hear my associates in regards to especially Petrocaribe, but I believe that the problems that are facing a lot of the islands-- and I notice, for example, Mr. Ambassador, you listed as number six in order of top priority the energy crisis, et cetera, in attempting to make sure. So I wish to search for out as it refers to the islands themselves the things that are most pushing how do i sell a timeshare with them that would assist them overall with their economy, since I know, for example, you can't simply rely on tourism or you can't simply rely on, you understand, they have the diversification of it requires to be there.