The de-risking of the correspondent banking relationships are very important to the Caribbean due to the fact that global monetary banks have actually been important not just to domestic economy but in its link to the worldwide economy. Some services have already been choked off and there should be a way for us to find an effort that integrates the security goals which we subscribe to, and likewise at the exact same time, enable monetary intermediation such as trade funding, transfers of revenues, financial obligation payments, et cetera, to continue. Finally, security. The small states of the Caribbean find it really difficult to compete with multinational crime connected to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has actually done an exceptional task in supporting these nations, however I believe there is room to do more in the interest of our shared security. Security these days can only be specified as worldwide and can only be reacted to by cooperation amongst nations. Furthermore, in the trade location there are some excellent legislation in location for trade. However, numerous of the Caribbean countries are now service oriented nations and we require to examine possibilities for promoting mutual and helpful worth chains which combine U.S. and Caribbean in services such as healthcare, education, and back office support. I think by combining the abilities on Capitol Hill with some of the personnels in the Caribbean, these firms can stay competitive both here and in the U.S - What does ach stand for in finance.
The Caribbean countries are seaside societies. Infrastructure, economic activity, population, the building environment are all focused on a narrow strip on the coast, even for those countries which are not islands, for instance, Belize and Guyana. It indicates that they are https://www.medsnews.com/health/top-5-trends-affecting-the-healthcare-real-estate/ among the most susceptible countries to climate modification. More resources require to be provided in a more accessible way to reduce climate change and to help these nations in making it through. And I point especially to the tourist industry which is seriously based on the quality of that instant seaside strip. Finally, energy (Which of the following approaches is most suitable for auditing the finance and investment cycle?). 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 amongst the greatest cost worldwide onto energy in less costly sources. That would serve to restore a whole series of financial activity, consisting of manufacturing. Accounting vs finance which is harder. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that need to be attended to. If we might resolve them in one general effort led by the U.S. and involving the advancement of monetary organizations, I believe that they enhance each other and it is time for a new vibrant initiative in U.S. policy toward the Caribbean.
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[The prepared declaration 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 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 do not believe that we can go over U.S.
Venezuela established Click here for more 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 regime. So it offers the U.S. an opportunity 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 today since it is in our national security interest to collaborate an energy solution; a method so that fewer countries in the Western Hemisphere would depend on an extremely unreliable Venezuela.
And I believe that we have got to be working with our partners, our allies in the Caribbean to help them take advantage of the plentiful and cheap natural gas and the brand-new sophisticated tidy wind and solar innovations readily available. In this manner we strengthen our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take realistic actions toward reducing carbon emissions. So the crisis in Venezuela might trigger an oil supply interruption. What effect would such an interruption have on the Caribbean countries? Mr. Bernal. My associates are figured out to ensure 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 countries were really very extended economically and truly needed some help. Nevertheless, the relationship has its intricacies. For example, Venezuela declares a large share of Guyana which belongs to the CARICOM group. It also has actually extended its claims in regards to coastal waters based upon an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some financial backing. I believe we are at a juncture where the relationship is going to become very unforeseeable since of no one knows precisely what will take place in the Caribbean with Venezuela.
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Several Caribbean nations are believing beyond Petrocaribe due to the fact that they don't presume that it will continue in its present kind and they need to be thinking about alternatives. This creates a point in which brand-new initiatives, including from the U.S - What is a consumer finance company. in energy, would be very 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 good to see all of you who, you understand, we rely upon very much with your expertise and due to the fact that the Caribbean is incredibly important, I think.
It is really, you know when you take a look at our hemisphere and we have actually got to make certain that we reinforce and working together. And I hear my associates in regards to particularly Petrocaribe, but I believe that the problems that are confronting a lot of the islands-- and I discover, for instance, Mr. Ambassador, you listed as number six in order of top priority the energy crisis, et cetera, in trying to make certain. So I wish to look for out as it refers to the islands themselves the things that are most pressing with them that would assist them total with their economy, because I understand, for example, you can't just depend upon tourist or you can't just depend upon, you understand, they have the diversification of it requires to be there.