The de-risking of the correspondent banking relationships are extremely important to the Caribbean because worldwide monetary banks have actually been crucial not just to domestic economy but in its link to the global economy. Some services have actually currently been choked off and there should be a way for us to find an effort that combines the security objectives which we sign up for, and also at the very same time, permit monetary intermediation such as trade financing, transfers of profits, debt payments, et cetera, to continue. Third, security. The small https://easylivingmom.com/should-you-use-a-real-estate-agent/ states of the Caribbean discover it very challenging to contend with transnational criminal offense connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has actually done an impressive task in supporting these nations, but I think there is room to do more in the interest of our shared security. Security these days can only be defined as international and can only be responded to by cooperation amongst nations. Furthermore, in the trade area there are some great legislation in place for trade. However, many of the Caribbean countries are now service oriented countries and we require to analyze possibilities for promoting shared and beneficial value chains which combine U.S. and Caribbean in services such as healthcare, education, and back workplace support. I think by integrating the skills on Capitol Hill with some of the personnels in the Caribbean, these companies can remain competitive both here and in the U.S - What does ltm mean in finance.
The Caribbean nations are coastal 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 amongst the most vulnerable nations to climate modification. More resources need to be made available in a more available method to mitigate environment modification and to help these countries in surviving. And I point especially to the tourist market which is critically reliant on the quality of that instant seaside strip. Finally, energy (Which of these arguments might be used by someone who supports strict campaign finance laws?). 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 electrical power which is among the greatest expense in the world onto energy in cheaper sources. That would serve to revive an entire variety of economic activity, consisting of production. How to finance building a home. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that require to be attended to. If we might 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 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 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 quite and I excuse 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 essential hearing. And I don't believe that we can discuss U.S.
Venezuela developed Petrocaribe in 2005 to help influence numerous countries in the hemisphere and up timeshare contract cancellation to this point the strategy has worked. Nevertheless, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro program. So it provides the U.S. a chance to fill that space, and this is where we require the State Department and the Department of Energy to be incredibly concentrated on this effort right now due to the fact that it is in our national security interest to collaborate an energy option; a strategy so that fewer countries in the Western Hemisphere would be dependent on a really undependable Venezuela.
And I believe that we have actually got to be working with our partners, our allies in the Caribbean to help them take benefit of the abundant and low-cost natural gas and the new advanced clean wind and solar technologies offered. In this manner we enhance our partners' economies, we buffer the area from the effects of Venezuelan collapse and take sensible steps toward decreasing carbon emissions. So the crisis in Venezuela might cause an oil supply disturbance. What impact would such a disturbance have on the Caribbean nations? Mr. Bernal. My colleagues 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 started the Petrocaribe at a time when many Caribbean countries were really extremely extended financially and really required some help. However, the relationship has its intricacies. For example, Venezuela declares a huge share of Guyana which belongs to the CARICOM group. It also has extended its claims in terms of seaside waters based upon an island practically 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some monetary support. I think we are at a point where the relationship is going to end up being extremely unpredictable because of no one knows exactly what will take place in the Caribbean with Venezuela.
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Numerous Caribbean nations are believing beyond Petrocaribe since they don't assume that it will continue in its present kind and they need to be thinking about alternatives. This creates a juncture in which new initiatives, consisting of from the U.S - Which of these is the best description of personal finance. in energy, would be extremely welcome in the region. Ms. Ros-Lehtinen. Thank you quite, 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 good to see all of you who, you know, we rely upon really much with your competence and because the Caribbean is very crucial, I think.
It is really, you know when you take a look at our hemisphere and we have got to ensure that we strengthen and interacting. And I hear my associates in regards to specifically Petrocaribe, but I think that the issues that are confronting a lot of the islands-- and I discover, for example, Mr. Ambassador, you noted as number 6 in order of concern the energy crisis, et cetera, in trying to make certain. So I wish to try to find out as it refers to the islands themselves the important things that are most pressing with them that would assist them overall with their economy, due to the fact that I know, for example, you can't just depend upon tourist or you can't just depend upon, you know, they have the diversity of it requires to be there.