The de-risking of the reporter banking relationships are extremely important to the Caribbean since chuck mcdowell wesley financial group worldwide monetary banks have actually been crucial not just to domestic economy however in its link to the global economy. Some services have already been choked off and there must be a method for us to find an initiative that integrates the security objectives which we sign up for, and likewise at the very same time, allow monetary intermediation such as trade funding, transfers of revenues, financial obligation payments, et cetera, to continue. Finally, security. The little states of the Caribbean find it extremely tough to compete with transnational crime connected to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has actually done an outstanding task in supporting these nations, however I believe there is space to do more in the interest of our shared security. Security these days can only be specified as international and can just be reacted to by cooperation amongst nations. Furthermore, in the trade area there are some good legislation in location for trade. Nevertheless, a number of the Caribbean nations are now service oriented nations and we require to analyze possibilities for promoting shared and useful worth chains which combine U.S. and Caribbean in services such as health care, education, and back office assistance. I think by combining 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 - What does finance a car mean.
The Caribbean countries are coastal 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 suggests that they are among the most vulnerable nations to climate change. More resources need to be provided in a more accessible way to reduce environment modification and to help these countries in enduring. And I point particularly to the tourist industry which is seriously depending on the quality of that instant coastal strip. Lastly, energy (How long can i finance a used car). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.
Solar, wind, and thermal all have possibilities, and to move the production of electrical energy which is amongst the greatest cost in the world onto energy in cheaper sources. That would serve to revive a whole variety of economic activity, including manufacturing. What is a consumer finance company. And I conclude, Mr. Chairman, by stating that all of these are interrelated aspects that need to be resolved. If we could address them in one overall effort led by the U.S. and involving the development of monetary organizations, I think that they reinforce each other and it is time for a new vibrant effort in U.S. policy toward the Caribbean.
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[The ready statement 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 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 extremely 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 essential hearing. And I don't think that we can discuss U.S.
Venezuela developed Petrocaribe in 2005 to assist affect numerous nations in the hemisphere and up to this point the method has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro routine. So it gives the U.S. a chance to fill that void, and this is where we require the Additional resources 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 coordinate an energy solution; a method so that less nations in the Western Hemisphere would depend on an extremely undependable Venezuela.
And I think that we have actually got to be working with our partners, our allies in the Caribbean to assist them take benefit of the abundant and cheap natural gas and the new advanced tidy wind and solar technologies offered. By doing this we reinforce our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take realistic actions toward minimizing carbon emissions. So the crisis in Venezuela may trigger an oil supply disturbance. What effect would such a disruption have on the Caribbean nations? Mr. Bernal. My colleagues are figured out to make certain I carry a reasonable share of the load.
Thank you for that. The relationship with Venezuela is a long and complex one. http://johnnyqdtf816.simplesite.com/451265937 Venezuela initiated the Petrocaribe at a time when many Caribbean countries were truly extremely stretched financially and actually required some help. Nevertheless, the relationship has its intricacies. For instance, Venezuela declares a very big share of Guyana which is a member of the CARICOM group. It also has extended its claims in terms of coastal waters based upon an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial support. I think we are at a juncture where the relationship is going to become extremely unforeseeable due to the fact that of nobody understands precisely what will occur in the Caribbean with Venezuela.
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Several Caribbean nations are thinking beyond Petrocaribe due to the fact that they don't assume that it will continue in its present type and they have to be thinking about alternatives. This develops a juncture in which new efforts, including from the U.S - Which of the following can be described as involving direct finance?. in energy, would be extremely welcome in the area. Ms. Ros-Lehtinen. Thank you very much, 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 great to see all of you who, you understand, we trust quite with your know-how and due to the fact that the Caribbean is very essential, I think.
It is truly, you know when you look at our hemisphere and we have actually got to make certain that we reinforce and working together. And I hear my coworkers in concerns to particularly Petrocaribe, however I think that the problems that are confronting a lot of the islands-- and I observe, for example, Mr. Ambassador, you listed as number six in order of concern the energy crisis, et cetera, in attempting to make sure. So I want to search for out as it pertains to the islands themselves the things that are most pushing with them that would assist them overall with their economy, since I understand, for example, you can't just depend upon tourist or you can't simply rely on, you know, they have the diversification of it requires to be there.