The de-risking of the correspondent banking relationships are really important to the Caribbean because worldwide monetary banks have actually been important not only to domestic economy however in its link to the international economy. Some services have actually currently been choked off and there should be a method for us to find an initiative that integrates the security goals which we sign up for, and likewise 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 little states of the Caribbean discover it really challenging to contend with transnational criminal activity linked to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has done an exceptional task in supporting these countries, but I think there is space to do more in the interest of our mutual security. Security nowadays can only be specified as worldwide and can just be reacted to by cooperation amongst nations. Furthermore, in the trade location there are some excellent legislation in place for trade. Nevertheless, a number of the Caribbean nations are now service oriented nations and we need to take a look at possibilities for promoting mutual and useful value chains which integrate U.S. and Caribbean in services such as health care, education, and back workplace support. I think by integrating the skills on Capitol Hill with a few of the human resources in the Caribbean, these firms can remain competitive both here and in the U.S - What credit score is needed to finance a car.
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 means that they are among the most susceptible nations to environment modification. More resources require to be provided in a more available way to mitigate environment change and to assist these countries in enduring. And I point especially to the tourist market which is seriously depending on the quality of that instant seaside strip. Lastly, energy (What do you need to finance a 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 highest expense on the planet onto energy in less pricey sources. That would serve to restore an entire variety of economic activity, consisting of manufacturing. How to finance an investment property. 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 general initiative led by the U.S. and including the advancement of banks, I believe that they enhance each other and it is time for a new vibrant effort 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 so much for making the effort to be here. Mr. Meeks has actually concurred we are going to avoid over him and go to the former chairman of the full 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 crucial hearing. And I don't believe that we can go over U.S.
Venezuela established Petrocaribe in 2005 to help affect lots of nations in the hemisphere and as much as this point the method has actually worked. However, 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 space, and this is where we need the State Department and the Department of Energy to be incredibly concentrated on this effort today because it remains in our national security interest to collaborate an energy service; a strategy so that less nations in the Western Hemisphere would depend on an extremely undependable Venezuela.
And I believe that we have got to be working with our partners, our allies in the Caribbean to help them take benefit of the plentiful and inexpensive natural gas and the new innovative tidy wind and solar technologies readily available. In this manner we enhance our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take reasonable actions toward reducing carbon emissions. So the crisis in Venezuela might trigger an oil supply interruption. What effect would such an interruption have on the Caribbean nations? Mr. Bernal. My coworkers 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 complicated one. Venezuela started the Petrocaribe at a time when numerous Caribbean countries were really extremely extended financially and really required some help. Nevertheless, the relationship has its intricacies. For instance, Venezuela claims a really large share of Guyana which belongs to the CARICOM group. It also has actually extended its claims in regards to seaside waters based on an island practically 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial backing. I think we are at a point where the relationship is going to become very unforeseeable because of no one knows precisely what will happen in the Caribbean with Venezuela.
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Numerous Caribbean countries are believing beyond Petrocaribe due to the fact that they do not presume that it will continue in its present form and they need to be considering alternatives. This develops a juncture in which new efforts, consisting of from the U.S https://sassydove.com/essential-things-you-should-know-about-100-commission-real-estate-broker-model/ - What was the reconstruction finance corporation. in energy, would be extremely welcome in the region. 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 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 quite with your knowledge and because the Caribbean is incredibly important, I think.
It is really, you understand when you take a look at our hemisphere and https://www.apzomedia.com/5-top-benefits-of-renting-to-own-in-2021/ we have actually got to ensure that we reinforce and working together. And I hear my associates in concerns to especially Petrocaribe, however I think that the problems that are confronting a great deal of the islands-- and I see, for instance, Mr. Ambassador, you listed as number 6 in order of top priority the energy crisis, et cetera, in attempting to make sure. So I wish to look for out as it refers to the islands themselves the important things that are most pushing with them that would assist them general with their economy, due to the fact that I understand, for example, you can't simply rely on tourism or you can't simply rely on, you understand, they have the diversification of it needs to be there.