The de-risking of the reporter banking relationships are very important to the Caribbean because international monetary banks have actually been important not only to domestic economy but in its link to the international economy. Some services have actually already been choked off and there should be a way for us to discover an effort that combines the security goals which we register for, and also at the same time, enable monetary intermediation such as trade financing, transfers of revenues, financial obligation payments, et cetera, to continue. Finally, security. The little states of the Caribbean discover it extremely tough to contend with transnational criminal activity linked to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has actually done an impressive task in supporting these nations, but I think there is space to do more in the interest of our shared security. Security these days can just be defined as international and can just be reacted to by cooperation among nations. Fourthly, in the trade location there are some great legislation in location for trade. Nevertheless, much of the Caribbean countries are now service oriented countries and we need to take a look at possibilities for promoting mutual and advantageous value chains which integrate U.S. and Caribbean in services such as healthcare, education, and back office support. I believe by integrating the skills on Capitol Hill with some of the personnels in the Caribbean, these companies can remain competitive both here and in the U.S - What is a swap in finance.
The Caribbean nations are seaside societies. Facilities, financial activity, population, the building environment are all concentrated on a narrow strip on the coast, even for those nations which are not islands, for instance, Belize and Guyana. It means that they are amongst the most vulnerable countries to climate modification. More resources require to be provided in a more available way to alleviate climate change and to assist these nations in enduring. And I point especially to the tourist market which is critically depending on the quality of that immediate seaside strip. Lastly, energy (Which of the following can be described as involving direct 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 less costly sources. That would serve to restore a whole variety of financial activity, consisting of production. What do you need to finance a car. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that https://scienceprog.com/how-new-technologies-are-changing-the-real-estate-market/ need to be attended to. If we could address them in one total effort led by the U.S. and including the development of banks, I believe that they reinforce each other and it is time for a brand-new strong initiative in U.S. policy toward 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 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 think that we can talk about U.S.
Venezuela established Petrocaribe in 2005 to help affect numerous countries in the hemisphere and as much as this point the technique 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. a chance to fill that void, 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 is in our nationwide security interest to collaborate an energy solution; a method so that fewer nations in the Western Hemisphere would be dependent 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 help them make the most of the plentiful and low-cost gas and the brand-new innovative clean wind and solar innovations readily available. This way we enhance our partners' economies, we buffer the area from the effects of Venezuelan collapse and take sensible actions towards reducing carbon emissions. So the crisis in Venezuela might trigger an oil supply disturbance. how much are timeshare maintenance fees What impact would such a disturbance have on the Caribbean countries? Mr. Bernal. My associates are determined to make sure I bring a reasonable share of the load.
Thank you for that. The relationship with Venezuela is a long and complex one. Venezuela started the Petrocaribe at a time when many Caribbean countries were actually very extended economically and truly required some help. Nevertheless, the relationship has its intricacies. For example, Venezuela declares a huge share of Guyana which is a member of the CARICOM group. It likewise has extended its claims in terms of seaside waters based on an island nearly 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of some monetary support. I believe we are at a point where the relationship is going to end up being very unpredictable since of no one understands precisely what will occur in the Caribbean with Venezuela.
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Several Caribbean countries are believing beyond Petrocaribe since they don't presume that it will continue in its present kind and they have to be thinking of alternatives. This creates a juncture in which brand-new initiatives, consisting of from the U.S - What does finance a car mean. in energy, would be really 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 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 excellent to see all of you who, you understand, we rely upon very much with your proficiency and since the Caribbean is very crucial, I think.
It is truly, 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 concerns to specifically Petrocaribe, however I believe that the issues that are challenging a great deal of the islands-- and I discover, 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 wish to attempt to find out as it refers to the islands themselves the things that are most pushing with them that would assist them general with their economy, because I know, for example, you can't simply depend upon tourism or you can't simply depend upon, you know, they have the diversity of it needs to be there.