The de-risking of the correspondent banking relationships are really essential to the Caribbean because global monetary banks have actually been crucial not only to domestic economy but in its link to the international economy. Some services have actually currently been choked off and there should be a method for us to discover an initiative that integrates the security objectives which we subscribe to, and also at the same time, enable monetary intermediation such as trade funding, transfers of revenues, financial obligation payments, et cetera, to continue. Finally, security. The little states of the Caribbean find it extremely hard to contend with global criminal activity linked to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has done an exceptional job in supporting these nations, but I believe there is room to do more in the interest of our mutual security. Security nowadays can only be defined as worldwide and can only be reacted to by cooperation among nations. Furthermore, in the trade area there are some good legislation in place for trade. However, much of the Caribbean nations are now service oriented nations and we require to analyze possibilities for promoting shared and useful worth chains which integrate U.S. and Caribbean in services such as healthcare, education, and back workplace support. I think by combining the skills on Capitol Hill with some of the human resources in the Caribbean, these firms can remain competitive both here and in the U.S - What jobs can i get with a finance degree.
The Caribbean countries are coastal societies. Infrastructure, financial activity, population, the structure environment are all concentrated on a narrow strip on the coast, even for those countries which are not islands, for example, Belize and Guyana. It indicates that they are amongst the most vulnerable nations to environment change. More resources need to be made offered in a more available way to mitigate environment modification and to assist these nations in surviving. And I point particularly to the tourist industry which is critically dependent on the quality of that instant seaside strip. Finally, energy (Accounting vs finance which is harder). 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 highest cost in the world onto energy in cheaper sources. That would serve to restore a whole variety of financial activity, consisting of manufacturing. What are the two ways government can finance a budget deficit?. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require to be dealt with. If we might address them in one total initiative led by the U.S. and involving the advancement of banks, I think 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 declaration 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 concurred we are going to skip over him and go to the previous 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 important hearing. And I don't think that we can discuss U.S.
Venezuela established Petrocaribe in 2005 to assist influence lots of countries in the hemisphere and approximately this point the method has worked. However, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro program. So it provides the U.S. a chance to fill that space, 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 option; a method so that less nations in the Western Hemisphere would depend on a very westgate group llc scam 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 natural gas and the new advanced clean wind and solar innovations readily available. By doing this we reinforce our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take practical steps towards reducing carbon emissions. So the crisis in Venezuela might cause an oil supply disturbance. What effect would such an interruption have on the Caribbean countries? Mr. Bernal. My coworkers are determined to make certain I bring a fair 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 numerous Caribbean countries were truly extremely stretched financially and really required some help. Nevertheless, the relationship has its intricacies. For instance, Venezuela declares a huge 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 almost 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some monetary assistance. I think we are at a juncture where the relationship is going to become really unpredictable since of nobody understands precisely what will happen in the Caribbean with Venezuela.
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A number of Caribbean nations are believing beyond Petrocaribe due to the fact that they don't presume that it will continue in its present form and they need to be believing more info of options. This develops a point in which brand-new initiatives, consisting of from the U.S - Which of the following was eliminated as a result of 2002 campaign finance reforms?. in energy, would be very welcome in the area. 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 diminish here. The Chair will now go to Mr. Meeks. Mr. Meeks. Thank you, Mr. Chairman. And thank you for being here, and good to see all of you who, you know, we trust quite with your competence and since 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 sure that we enhance and working together. And I hear my coworkers in concerns to particularly Petrocaribe, however I believe that the issues that are facing a great deal of the islands-- and I notice, for instance, Mr. Ambassador, you listed as number 6 in order of top priority the energy crisis, et cetera, in trying to make sure. So I wish to attempt to discover out as it refers to the islands themselves the things that are most pushing with them that would help them overall with their economy, since I understand, for example, you can't just depend upon tourist or you can't simply rely on, you know, they have the diversification of it requires to be there.