The de-risking of the reporter banking relationships are very essential to the Caribbean because worldwide monetary banks have been vital not just to domestic economy however in its link to the international economy. Some services have currently been choked off and there should be a method for us to find an initiative that integrates the security objectives which we register for, and also at the very same time, permit monetary intermediation such as trade funding, transfers of earnings, debt payments, et cetera, to continue. Finally, security. The small states of the Caribbean discover it really challenging to contend with multinational criminal offense connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an exceptional job in supporting these nations, but I believe there is space to do more in the interest of our shared security. Security nowadays can just be specified as global and can only be responded to by cooperation among countries. Fourthly, in the trade location there are some good legislation in location for trade. Nevertheless, a number of the Caribbean nations are now service oriented countries and we need to examine possibilities for promoting mutual and helpful worth chains which integrate U.S. and Caribbean in services such as health care, education, and back workplace assistance. I believe by combining the skills on Capitol Hill with a few of the personnels in the Caribbean, these firms can remain competitive both here and in the U.S - What is a consumer finance account.
The Caribbean nations are seaside societies. Facilities, financial activity, population, the structure environment are all focused on a narrow strip on the coast, even for those nations which are not islands, for instance, Belize and Guyana. It indicates that they are among the most vulnerable nations to environment modification. More resources require to be provided in a more accessible way to reduce climate modification and to assist these countries in surviving. And I point particularly to the traveler industry which is seriously depending on the quality of that immediate seaside strip. Lastly, energy (How old of an rv can you finance). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.
Solar, wind, and thermal Click here! all have possibilities, and to shift the production of electrical power which is among the highest expense on the planet onto energy in less costly sources. That would serve to restore a whole variety of financial activity, consisting of production. How many years can you finance a boat. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that need to be attended to. If we could address them in one general initiative led by the U.S. and involving the development of banks, I think that they enhance each other and it is time for a brand-new bold initiative in U.S. policy towards the Caribbean.
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[The prepared statement of Mr. Bernal follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you a lot for making the effort to be here. Mr. Meeks has concurred we are going to skip 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 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 crucial hearing. And I do not believe that we can discuss U.S.
Venezuela developed Petrocaribe in 2005 to assist affect lots of countries in the hemisphere and approximately this point the strategy 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 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 incredibly concentrated on this effort right now because it is in our nationwide security interest to coordinate an energy solution; a technique so that fewer nations 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 advantage of the plentiful and inexpensive natural gas and the brand-new sophisticated clean wind and solar technologies offered. In this manner we strengthen our partners' economies, we buffer the region from the effects of Venezuelan collapse and take realistic actions towards decreasing carbon emissions. So the crisis in Venezuela may cause an oil supply interruption. What effect would such a disturbance have on the Caribbean nations? Mr. Bernal. My colleagues are identified to make sure I bring 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 numerous Caribbean countries were actually very extended economically and really needed some help. Nevertheless, the relationship has its intricacies. For instance, Venezuela declares a large share of Guyana which is a member of the CARICOM group. It likewise has actually extended its claims in regards to coastal waters based upon 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 think we are at a point where the relationship is going to end up being extremely unpredictable since of nobody understands precisely what Check out the post right here will happen in the Caribbean with Venezuela.
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Numerous Caribbean nations are believing beyond Petrocaribe due to the fact that they do not assume that it will continue in its present type and they need to be thinking of alternatives. This produces a point in which brand-new efforts, consisting of from the U.S - What credit score is needed to finance a car. in energy, would be extremely 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 diminish 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 trust quite with your expertise and since the Caribbean is very essential, I believe.
It is truly, you understand when you take a look at our hemisphere and we have got to make certain that we enhance and working together. And I hear my associates in regards to particularly Petrocaribe, however I think that the problems that are challenging a great deal of the islands-- and I discover, for example, Mr. Ambassador, you listed as number 6 in order of concern the energy crisis, et cetera, in trying to make sure. So I wish to attempt to discover out as it relates to the islands themselves the things that are most pushing with them that would assist them total with their economy, due to the fact that I know, for instance, you can't simply depend upon tourism or you can't just rely on, you understand, they have the diversification of it requires to be there.