The de-risking of the reporter banking relationships are extremely important to the Caribbean because worldwide monetary banks have been crucial not just to defaulting on timeshares domestic economy but in its link to the international economy. Some services have already been choked off and there need to be a way for us to discover an effort that integrates the security goals which we sign up for, and likewise at the same time, allow monetary intermediation such as trade financing, transfers of earnings, debt payments, et cetera, to continue. Finally, security. The small states of the Caribbean discover it very hard to contend with multinational criminal offense linked to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has done an impressive task in supporting these nations, however I think there is space to do more in the interest of our mutual security. Security these days can just be defined as international and can only be reacted to by cooperation among nations. Fourthly, in the trade location there are some good legislation in place for trade. Nevertheless, much of the Caribbean countries are now service oriented countries and we need to take a look at possibilities for promoting shared and helpful worth chains which combine U.S. and Caribbean in services such as healthcare, education, and back workplace assistance. I think by integrating the abilities on Capitol Hill with a few of the personnels in the Caribbean, these firms can stay competitive both here and in the U.S - Which of these arguments might be used by someone who supports strict campaign finance laws?.
The Caribbean nations 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 suggests that they are among the most vulnerable countries to climate modification. More resources require to be made offered in a more available way to reduce climate modification and to assist these countries in enduring. And I point especially to the tourist industry which is critically depending on the quality of that instant coastal strip. Lastly, energy (Why are you interested in 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 energy which is among the highest cost on the planet onto energy in more economical sources. That would serve to revive an entire range of economic activity, consisting of production. What does ltm mean in finance. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that require to be dealt with. If we could address them in one overall initiative led by the U.S. and involving the advancement of monetary institutions, I think that they strengthen each other and it is time for a brand-new vibrant initiative in U.S. policy toward the Caribbean.
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[The ready statement of Mr. Bernal follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you a lot for making the effort to be here. Mr. Meeks has agreed we are going to avoid over him and go to the previous chairman of the full committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so very much and I excuse 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 don't believe that we can go over U.S.
Venezuela established Petrocaribe in 2005 to help affect many nations in the hemisphere and as much as this point the technique has actually worked. However, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro routine. So it gives 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 concentrated on this effort right now since it is 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 unreliable Venezuela.
And I believe that we have actually got to be working with our partners, our allies in the Caribbean to help them take advantage of the abundant and inexpensive gas and the new advanced clean wind and solar technologies readily available. This method we reinforce our partners' economies, we buffer the area from the effects of Venezuelan collapse and take realistic steps towards decreasing carbon emissions. So the crisis in Venezuela may trigger an oil supply disruption. What effect would such an interruption have on the Caribbean countries? Mr. Bernal. My colleagues are http://jaredwcra172.fotosdefrases.com/unknown-facts-about-what-is-the-reconstruction-finance-corporation 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 initiated the Petrocaribe at a time when lots of Caribbean countries were really extremely extended financially and truly needed some help. Nevertheless, the relationship has its intricacies. For instance, Venezuela claims a huge share of Guyana which belongs to the CARICOM group. It likewise has extended its claims in regards to coastal waters based upon an island practically 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of some monetary support. I think we are at a juncture where the relationship is going to become very unforeseeable due to chuck mcdowell nashville the fact that of no one understands precisely what will happen in the Caribbean with Venezuela.
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Several Caribbean nations are thinking beyond Petrocaribe due to the fact that they don't presume that it will continue in its present type and they have to be believing of alternatives. This produces a juncture in which new efforts, including from the U.S - What is a cd in finance. in energy, would be really welcome in the region. Ms. Ros-Lehtinen. Thank you really 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 great to see all of you who, you know, we trust quite with your knowledge and since the Caribbean is incredibly crucial, I think.
It is truly, you know when you look at our hemisphere and we have got to make sure that we enhance and working together. And I hear my associates in regards to specifically Petrocaribe, but I believe that the problems that are challenging a great deal of the islands-- and I see, for instance, Mr. Ambassador, you listed as number six in order of priority the energy crisis, et cetera, in trying to make certain. 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 general with their economy, due to the fact that I understand, for instance, you can't simply depend upon tourist or you can't just depend upon, you know, they have the diversification of it needs to be there.