The de-risking of the reporter banking relationships are very essential to the Caribbean due to the fact that global financial banks have actually been important not only to domestic economy but in its link to the international economy. Some services have actually currently been choked off and there should be a method for us to find an effort that integrates the security goals which we sign up for, and likewise at the same time, permit financial intermediation such as trade funding, transfers of revenues, debt payments, et cetera, to continue. Thirdly, security. The small states of the Caribbean find it extremely tough to contend with transnational criminal activity connected to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has done an exceptional job in supporting these nations, but I believe there is room to do more in the interest of our shared security. Security these days can only be defined as global and can only be responded to by cooperation among nations. Furthermore, in the trade location there are some great legislation in location for trade. Nevertheless, many of the Caribbean nations are now service oriented nations and we require to analyze possibilities for promoting mutual and useful worth chains which integrate U.S. and Caribbean in services such as health care, education, and back office assistance. I think by combining the abilities on Capitol Hill with a few of the human resources in the Caribbean, these companies can stay competitive both here and in the U.S - What is a consumer finance company.
The Caribbean countries are seaside societies. Infrastructure, 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 example, Belize and Guyana. It suggests that they are among the most susceptible nations to environment change. More resources need to be made offered in a more available way to alleviate climate modification and to help these nations in enduring. And I point especially to the tourist industry which is seriously depending on the quality of that immediate coastal strip. Finally, energy (How to finance an investment property). 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 power which is amongst the greatest cost worldwide onto energy in more economical sources. That would serve to revive a whole variety of economic activity, including production. How to finance an engagement ring. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require purchasing timeshare to be dealt with. If we might address them in one overall initiative led by the U.S. and including the advancement of monetary organizations, I think that they enhance each other and it is time for a brand-new vibrant initiative in U.S. policy toward the Caribbean.
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[The ready declaration 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 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, however thank you, Chairman Duncan and Ranking Member Sires, for holding this essential hearing. And I don't believe that we can go over U.S.
Venezuela established Petrocaribe in 2005 to help affect lots of nations in the hemisphere and as much as this point the technique has actually worked. However, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro program. So it provides the U.S. an opportunity 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 due to the fact that it remains in our national security interest to coordinate an energy option; a method so that fewer countries in the Western Hemisphere would be reliant on a really undependable Venezuela.
And I believe that we have actually got to be dealing with our partners, our allies in the Caribbean to help them make the most of the plentiful and cheap gas and the brand-new innovative tidy wind and solar technologies readily available. In this manner we reinforce our partners' economies, we buffer the area from the effects of Venezuelan collapse and take realistic steps toward reducing carbon emissions. So the crisis in Venezuela pros and cons of a timeshare may trigger an oil supply disruption. What effect would such a disturbance have on the Caribbean countries? Mr. Bernal. My associates are figured out to make sure I bring a fair 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 numerous Caribbean nations were really extremely stretched economically and truly needed some support. Nevertheless, the relationship has its intricacies. For instance, Venezuela claims a large share of Guyana which belongs to the CARICOM group. It likewise has actually extended its claims in terms of coastal waters based upon an island almost 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some monetary assistance. I believe we are at a point where the relationship is going to end up being very unforeseeable since of nobody understands precisely what will take place in the Caribbean with Venezuela.
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Several Caribbean nations are believing beyond Petrocaribe due to the fact that they do not assume that it will continue in its present form and they need to be thinking about alternatives. This develops a juncture in which brand-new efforts, including from the U.S - How long can you finance a used car. in energy, would be very welcome in the area. 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 great to see all of you who, you understand, we rely upon really much with your competence and because the Caribbean is extremely essential, I believe.
It is actually, you know when you look at our hemisphere and we have got to make certain that we enhance and interacting. And I hear my coworkers in regards to especially Petrocaribe, but I believe that the concerns that are challenging a lot of the islands-- and I notice, for instance, Mr. Ambassador, you noted as number six in order of concern the energy crisis, et cetera, in trying to ensure. So I want to search for out as it refers to the islands themselves the important things that are most pressing with them that would help them general with their economy, since I understand, for instance, you can't simply depend upon tourism or you can't simply rely on, you understand, they have the diversity of it needs to be there.