The de-risking of the reporter banking relationships are very essential to the Caribbean because worldwide financial banks have been crucial not just to domestic economy but in its link to the worldwide economy. Some services have actually already been choked off and there must be a way for us to discover an effort that integrates the security goals which we subscribe to, and likewise at the very same time, allow monetary intermediation such as trade funding, transfers of profits, financial obligation payments, et cetera, to continue. Thirdly, security. The little states of the Caribbean find it really difficult to compete with transnational criminal activity linked to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has done an exceptional task in supporting these nations, however I think there is room to do more in the interest of our mutual security. Security nowadays can only be specified as global and can just be reacted to by cooperation amongst nations. Furthermore, in the trade location there are some excellent 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 shared and advantageous worth chains which combine U.S. and Caribbean in services such as health care, education, and back workplace support. I think by integrating the abilities on Capitol Hill with some of the personnels in the Caribbean, these companies can stay competitive both here and in the U.S - Which results are more likely for someone without personal finance skills? Check all that apply..
The Caribbean nations are seaside societies. Infrastructure, economic activity, population, the structure environment are all focused on a narrow strip on the coast, even for those nations which are not islands, for instance, Belize and Guyana. It suggests that they are among the most vulnerable countries to climate change. More resources need to be offered in a more available method to reduce climate modification and to help https://icrowdnewswire.com/2020/10/12/how-did-covid-19-affect-the-real-estate-market-in-sydney/ these nations in surviving. And I point particularly to the tourist market which is critically dependent on the quality of that immediate coastal strip. Lastly, energy (How to become a finance manager at a car dealership). The Caribbean, bar the exceptions of Trinidad and Tobago, depend heavily on importation of energy.
Solar, wind, and thermal all have possibilities, and to move the production of electricity which is among the greatest cost in the world onto energy in more economical sources. That would serve to revive an entire variety of financial activity, including manufacturing. Which of these is the best description of personal finance. And I conclude, Mr. Chairman, by stating that all of these are interrelated aspects that need to be attended to. If we might address them in one general initiative led by the U.S. and including the development of monetary institutions, I believe that they strengthen each other and it is time for a brand-new strong initiative in U.S. policy toward 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 agreed we are going to skip over him and go to the former chairman of the full 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 essential hearing. And I don't believe that we can talk about U.S.
Venezuela established Petrocaribe in 2005 to assist affect numerous countries in the hemisphere and approximately this point the method 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 offers the U.S. an opportunity to fill that space, and this is where we require the State Department and the Department of Energy to be very focused on this effort today because it is in our national security interest to collaborate an energy option; a method so that less nations in the Western Hemisphere would depend on a really undependable Venezuela.
And I think that we have actually got to be dealing with our partners, our allies in the Caribbean to help them make the most of the plentiful and inexpensive gas and the new advanced clean wind and solar technologies available. By doing this we reinforce our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take realistic actions towards decreasing carbon emissions. So the crisis in Venezuela might trigger an oil supply disruption. What effect would such a disturbance have on the Caribbean countries? Mr. Bernal. My coworkers are figured out to make sure I bring a fair share of the load.
Thank you for that. The relationship with Venezuela is a long and complex one. Venezuela initiated the Petrocaribe at a time when many Caribbean countries were actually extremely stretched financially and actually required some assistance. However, the relationship has its intricacies. For instance, Venezuela declares a large share of Guyana which is a member of the CARICOM group. It likewise has actually extended its claims in terms of coastal waters based upon an island almost 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some monetary assistance. I believe we are at a point where the relationship is going to end up being really unforeseeable since of nobody knows precisely what will occur in the Caribbean with Venezuela.
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A number of Caribbean nations are believing beyond Petrocaribe because they don't presume that it will continue in its present form and they have to be considering alternatives. This produces a point in which new initiatives, consisting of from the U.S - How to finance a car from a private seller. 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 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 rely upon extremely much with your competence and because the Caribbean is incredibly crucial, I think.
It is really, you know when you look at our hemisphere and we have actually got to make certain that we reinforce and collaborating. And I hear my associates in regards to especially Petrocaribe, however I believe that the concerns that are confronting a lot of the islands-- and I notice, for example, Mr. Ambassador, you noted as number 6 in order of top priority the energy crisis, et cetera, in trying to make certain. So I desire to look for out as it relates to the islands themselves the important things that are most pushing with them that would assist them total with their economy, due to the fact that I know, for instance, you how do i sell my timeshare week can't simply depend upon tourism or you can't just depend upon, you understand, they have the diversity of it needs to be there.