The de-risking of the correspondent banking relationships are very important to the Caribbean since global financial banks have actually been important not just to domestic economy but in its link to the international economy. Some services have actually already been choked off and there need to be a way for us to discover an initiative that combines the security objectives which we subscribe do timeshares affect your credit to, and likewise at the same time, allow financial intermediation such as trade financing, transfers of earnings, financial obligation payments, et cetera, to continue. Finally, security. The small states of the Caribbean find it extremely hard to contend with multinational criminal offense connected to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has actually done an impressive task in supporting these countries, however I believe there is space to do more in the interest of our shared security. Security nowadays can just be defined as international and can only be reacted to by cooperation amongst nations. Furthermore, in the trade area there are some good legislation in location for trade. However, a lot of the Caribbean nations are now service oriented countries and we require to take a look at possibilities for promoting shared and helpful worth chains which combine U.S. and Caribbean in services such as health care, education, and back workplace support. I think 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 - How to finance a house flip.
The Caribbean countries are coastal societies. Facilities, economic activity, population, the structure environment are all focused on a narrow strip on the coast, even for those countries which are not islands, for instance, Belize and Guyana. It implies that they are amongst the most vulnerable nations to environment change. More resources need to be made offered in a more available method to alleviate climate modification and to help these nations in surviving. And I point especially to the traveler market which is seriously based on the quality of that instant coastal strip. Lastly, energy (How long can you finance a camper). 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 worldwide onto energy in more economical sources. That would serve to revive an entire variety of economic activity, including production. What is a finance charge on a credit card. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that need to be resolved. If we could address them in one overall initiative led by the U.S. and including the advancement of monetary institutions, I believe that they reinforce each other and it is time for a new bold initiative in U.S. policy toward the Caribbean.
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[The prepared declaration of Mr. Bernal follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you a lot for making the effort to be here. Mr. Meeks has actually concurred we are going to skip over him and go to the previous chairman of the complete committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so really much 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 important hearing. And I do not believe that we can go over U.S.
Venezuela developed Petrocaribe in 2005 to help influence numerous countries in the hemisphere and as much as this point the method has worked. Nevertheless, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro program. So it offers the U.S. an opportunity to fill that space, and this is where we require the State Department and the Department of Energy to be incredibly focused on this effort today since it is in our nationwide security interest to coordinate an energy option; a technique so that less countries in the Western Hemisphere would depend on a very undependable Venezuela.
And I think that we have got to be dealing with our partners, our allies in the Caribbean to assist them make the most of the abundant and inexpensive natural gas and the brand-new innovative clean wind and solar innovations offered. In this manner we enhance our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take realistic actions towards decreasing carbon emissions. So the crisis in Venezuela might cause an oil supply disruption. What impact would such a disturbance have on the Caribbean nations? Mr. Bernal. My colleagues are determined to make sure 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 truly very stretched economically and really needed some support. However, the relationship has its complexities. For instance, Venezuela claims a really big share of Guyana which is a member of the CARICOM group. It also has actually extended its claims in regards to seaside waters based upon an island almost 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of some financial support. I think we are at a point where the relationship is going to become very unforeseeable because of nobody understands precisely what will occur in the Caribbean with Venezuela.
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Numerous Caribbean countries are believing beyond Petrocaribe because they do not presume that it will continue in its present type and they need to be considering alternatives. This creates a juncture in which new efforts, including from the U.S - The trend in campaign finance law over time has been toward which the following?. in energy, would be really welcome in the area. Ms. Ros-Lehtinen. Thank you really 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 understand, we trust quite with your expertise and since the Caribbean is incredibly essential, I think.
It is actually, you know when you look at our hemisphere and we have actually got to ensure that we reinforce and collaborating. And I hear my coworkers in regards to specifically Petrocaribe, but I think that the issues that are facing a great deal of the islands-- and I observe, for example, Mr. Ambassador, you listed as number six in order of priority the energy crisis, et cetera, in trying to make sure. So I want to try to find 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, because alternatives to timeshares I understand, for example, you can't just rely on tourism or you can't simply https://beterhbo.ning.com/profiles/blogs/about-how-many-years-can-you-finance-a-boat depend upon, you understand, they have the diversification of it requires to be there.