The de-risking of the reporter banking relationships are very crucial to the Caribbean since international monetary banks have actually been critical not just to domestic economy but in its link to the worldwide economy. Some services have actually already been choked off and there need to be a method for us to discover an effort that combines the security objectives which we register for, and likewise at the exact same time, enable financial intermediation such as trade financing, transfers of earnings, debt payments, et cetera, to continue. Third, security. The little states of the Caribbean find it extremely challenging to contend with multinational criminal activity connected 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 shared security. Security nowadays can only be specified as global and can only be reacted to by cooperation amongst nations. Fourthly, in the trade area there are some great legislation in location for trade. However, a lot of the Caribbean countries are now service oriented countries and we require to analyze possibilities for promoting mutual and advantageous worth chains which integrate U.S. and Caribbean in services such as healthcare, education, and back workplace support. I believe by combining the abilities on Capitol Hill with some of the human resources in the Caribbean, these companies can remain competitive both here and in the U.S - What is the difference between accounting how are timeshares scams and finance.
The Caribbean countries are seaside societies. Facilities, financial activity, population, the structure environment are all focused on a narrow strip on the coast, even for those countries which are not islands, for example, Belize and Guyana. It implies that they are among the most vulnerable countries to environment modification. More resources require to be offered in a more accessible way to mitigate environment modification and to help these countries in surviving. And I point particularly to the traveler market which is seriously depending on the quality of that immediate seaside strip. Finally, energy (What is a consumer finance company). 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 more economical sources. That would serve to restore an entire range of economic activity, consisting of manufacturing. What jobs can i get with a finance degree. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that require to be resolved. If we could resolve them in one general initiative led by the U.S. and including the development of banks, I believe that they strengthen 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 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 previous chairman of the complete committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so quite 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 think that we can go over U.S.
Venezuela developed Petrocaribe in 2005 to assist influence many nations in the hemisphere and as much as this point the strategy has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro routine. So it offers 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 exceptionally focused on this effort today because it is in our national security interest to coordinate an energy service; a technique so that less nations in the Western Hemisphere would be dependent on a really undependable 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 abundant and cheap gas and the brand-new advanced tidy wind and solar innovations offered. In this manner we strengthen our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take realistic actions toward lowering carbon emissions. So the crisis in Venezuela may trigger an oil supply disruption. What impact would such an interruption have on the Caribbean nations? Mr. Bernal. My coworkers are determined 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 nations were really extremely extended economically and actually required some assistance. However, the relationship has its complexities. For instance, Venezuela declares a large share of Guyana which belongs to the CARICOM group. It likewise has actually extended its claims in terms of seaside waters based on an island almost 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some monetary support. I think we are at a juncture where the relationship is going to end up being very unforeseeable because of nobody understands exactly what will take place in the Caribbean with Venezuela.
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Several Caribbean countries are believing beyond sell timeshare Petrocaribe due to the fact that they do not presume that it will continue in its present type and they have to be thinking of options. This creates a point in which brand-new initiatives, consisting of from the U.S - How many years can you finance a boat. in energy, would be very welcome in the region. Ms. Ros-Lehtinen. Thank you quite, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking 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 very much with your expertise and since the Caribbean is incredibly important, I think.
It is really, you understand when you look at our hemisphere and we have got to make sure that we strengthen and collaborating. And I hear my colleagues in concerns to especially Petrocaribe, however I believe that the problems that are challenging a great deal of the islands-- and I see, for example, Mr. Ambassador, you listed as number 6 in order of top priority the energy crisis, et cetera, in trying to ensure. So I wish to try to find out as it refers to the islands themselves the things that are most pushing with them that would help them total with their economy, due to the fact that I know, for example, you can't just depend upon tourist or you can't just rely on, you understand, they have the diversity of it needs to be there.