The de-risking of the correspondent banking relationships are very crucial to the Caribbean due to the fact that international financial banks have been important not only to domestic economy however in its link to the worldwide economy. Some services have actually already been choked off and there must be a method for us to discover an initiative that integrates the security objectives which we sign up for, and also at the exact same time, permit monetary intermediation such as trade funding, transfers of revenues, financial obligation payments, et cetera, to continue. Third, security. The small states of the Caribbean discover it very tough to contend with multinational criminal activity connected to narcotics trafficking, worldwide 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 just be defined as global and can just be reacted to by cooperation amongst countries. Fourthly, in the trade area there are some good legislation in place for trade. However, a lot of the Caribbean nations are now service oriented nations and we require to analyze possibilities for promoting shared and advantageous worth chains which combine U.S. and Caribbean in services such as healthcare, education, and back office support. I think by combining the abilities on Capitol Hill with a few of the human resources in the Caribbean, these companies can remain competitive both here and in the U.S - Which of the following can be described as involving direct finance.
The Caribbean nations are seaside societies. Facilities, economic activity, population, the building environment are all focused on a narrow strip on the coast, even for those nations which are not islands, for example, Belize and Guyana. It suggests that they are among the most vulnerable nations to climate change. More resources require to be made readily available in a more accessible method to alleviate climate change and to help these nations in surviving. And I point especially to the Take a look at the site here traveler industry which is seriously based on the quality of that immediate seaside strip. Finally, energy (Which of these is the best description of personal 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 electrical power which is amongst the greatest expense on the planet onto energy in more economical sources. That would serve to revive an entire variety of financial activity, including manufacturing. What is a note in finance. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that require to be addressed. If we might resolve them in one total initiative led by the U.S. and involving the advancement of financial organizations, I think that they reinforce each other and it is time for a new strong effort in U.S. policy towards the Caribbean.
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[The ready declaration of Mr. Bernal follows:] [GRAPHIC( S) NOT READILY 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 previous chairman of the complete committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so quite and I ask forgiveness 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 talk about U.S.
Venezuela developed Petrocaribe in 2005 to assist influence many countries in the hemisphere and up to this point the technique has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro regime. 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 focused on this effort right now since it is in our national security interest to collaborate an energy solution; a strategy so that fewer nations in the Western Hemisphere would depend on a really unreliable Venezuela.
And I think that we have actually got to be working with our partners, our allies in the Caribbean to assist them make the most of the plentiful and low-cost gas and the brand-new innovative tidy wind and solar innovations available. This method we reinforce our partners' economies, we buffer the region from the impacts of Venezuelan Click here to find out more collapse and take realistic steps toward decreasing carbon emissions. So the crisis in Venezuela may cause an oil supply disruption. What effect would such a disruption have on the Caribbean countries? Mr. Bernal. My associates are identified to ensure 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 many Caribbean countries were really extremely extended economically and actually required 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 extended wesley sell its claims in terms of coastal waters based on an island practically 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial backing. I think we are at a juncture where the relationship is going to end up being extremely unforeseeable because of nobody knows exactly what will happen in the Caribbean with Venezuela.
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A number of Caribbean countries are believing beyond Petrocaribe since they don't assume that it will continue in its present form and they have to be thinking about options. This creates a juncture in which new efforts, including from the U.S - Trade credit may be used to finance a major part of a firm's working capital when. 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 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 great to see all of you who, you understand, we trust extremely much with your expertise and since the Caribbean is incredibly crucial, I think.
It is really, you understand when you look at our hemisphere and we have actually got to ensure that we reinforce and working together. And I hear my associates in regards to especially Petrocaribe, but I believe that the problems that are challenging a great deal of the islands-- and I see, for instance, Mr. Ambassador, you noted as number 6 in order of top priority the energy crisis, et cetera, in trying to make sure. So I wish to search for out as it refers to the islands themselves the things that are most pushing with them that would help them general with their economy, since I understand, for instance, 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.