The de-risking of the correspondent banking relationships are really important to the Caribbean because global financial banks have actually been critical not just to domestic economy however in its link to the international economy. Some services have actually currently been choked off and there should be a way for us to find an initiative that combines the security goals which we register for, and also at the very same time, enable financial intermediation such as trade funding, transfers of revenues, financial obligation payments, et cetera, to continue. Third, security. The small states of the Caribbean find it really hard to compete with multinational crime linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an impressive job in supporting these nations, but I think there is room to do more in the interest of our shared security. Security these days can just be specified as international and can only be reacted to by cooperation amongst countries. Fourthly, in the trade area there are some good legislation in place for trade. Nevertheless, a number of the Caribbean countries are now service oriented countries and we require to take a look at possibilities for promoting shared and beneficial value chains which combine U.S. and Caribbean in services such as health care, education, and back workplace assistance. I think by integrating the skills on Capitol Hill with some of the human resources in the Caribbean, these firms can stay competitive both here and in the U.S - Which of the following can be described as involving direct finance.
The Caribbean countries are seaside societies. Infrastructure, financial activity, population, the building environment are all focused on a narrow strip on the coast, even for those countries which are not islands, for example, Belize and Guyana. It indicates that they are amongst the most vulnerable nations to climate modification. More resources need to be provided in a more accessible method to mitigate environment change and to help these nations in enduring. And I point especially to the traveler industry which is seriously dependent on the quality of that instant coastal strip. Finally, energy (What does leverage mean in finance). The Caribbean, bar the exceptions of Trinidad and Tobago, depend heavily on importation of energy.
Solar, wind, and thermal all have possibilities, and to shift the production of electricity which is amongst the greatest expense worldwide onto energy in cheaper sources. That would serve to revive an entire series of economic activity, including production. What jobs can i get with a finance degree. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that need to be dealt with. If we might resolve them in one total initiative led by the U.S. and including the development of monetary organizations, I think that they reinforce each other and it is time for a brand-new vibrant effort in U.S. policy towards the Caribbean.
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[The ready declaration of Mr. Bernal follows:] [GRAPHIC( S) NOT OFFERED IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you a lot for making the effort to be here. Mr. Meeks has agreed we are going to avoid 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 apologize for 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 believe that we can discuss U.S.
Venezuela developed Petrocaribe in 2005 to help affect numerous countries in the hemisphere and as much as this point the strategy has actually 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 gives the U.S. an opportunity 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 right now due to the fact that it remains in our nationwide security interest to collaborate an energy option; a method so that selling your timeshare back to westgate fewer countries in the Western Hemisphere would be dependent on an extremely undependable Venezuela.
And I think that we have got to be dealing with our partners, our allies in the Caribbean to help them take advantage of the abundant and cheap gas and the new advanced tidy wind and solar innovations offered. By doing this we enhance our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take practical actions toward lowering 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 coworkers are determined to make certain 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 numerous Caribbean countries were truly extremely stretched economically and truly required some support. However, the relationship has its intricacies. For example, Venezuela claims a huge share of Guyana which is a member of the CARICOM group. It likewise has actually extended its claims in terms of seaside waters based upon an island nearly 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some financial backing. I believe we are at a juncture where the relationship is going to end up being really unpredictable because of nobody knows precisely what will happen in the Caribbean with Venezuela.
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Numerous Caribbean nations are thinking beyond Petrocaribe because they don't assume that it will continue in its present kind and they have to be thinking about options. This develops a juncture in which brand-new initiatives, including from the U.S - What is a finance charge on a credit card. in energy, would be extremely welcome in the region. Ms. Ros-Lehtinen. Thank you extremely 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 good to see all of you who, you understand, we rely upon quite with your proficiency and because the Caribbean is exceptionally essential, I think.
It is really, you understand when you look at our hemisphere and we have actually got to make sure that we strengthen and interacting. And I hear my colleagues in regards to specifically Petrocaribe, but I believe that the issues that are facing 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 attempting to make certain. So I desire to search for out as it 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 fact that I understand, for example, you can't simply rely on tourism or https://gypsynester.com/things-to-consider-before-buying-a-timeshare/ you can't just depend upon, you understand, they have the diversity of it needs to be there.