The de-risking of the correspondent banking relationships are really crucial to the Caribbean due to the fact that global financial banks have been important not just to domestic economy but in its link to the global economy. Some services have actually currently been choked off and there must be a method for us to find an initiative that combines the security goals which we sign up for, and also at the very same time, permit monetary intermediation such as trade financing, transfers of revenues, financial obligation payments, et cetera, to continue. Third, security. The little states of the Caribbean discover it very hard to contend with global criminal activity connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has actually done an outstanding task in supporting these countries, however I think there is space to do more in the interest of our shared security. Security nowadays can just be defined as global and can just be reacted to by cooperation amongst countries. Fourthly, in the trade location there are some excellent legislation in location for trade. Nevertheless, a lot of the Caribbean nations are now service oriented countries and we need to examine possibilities for promoting mutual and advantageous worth chains which combine U.S. and Caribbean in services such as health care, education, and back workplace assistance. I think by integrating the skills on Capitol Hill with a few of the personnels in the Caribbean, these firms can stay competitive both here and in the U.S - How to owner finance a home.
The Caribbean countries are coastal societies. Facilities, economic activity, population, the structure 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 means that they are amongst the most susceptible nations to environment change. More resources require to be provided in a more available method to mitigate climate modification and Informative post to help these nations in surviving. And I point particularly to the tourist industry which is seriously depending on the quality of that instant seaside strip. Finally, energy (How to owner finance a home). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.
Solar, wind, here and thermal all have possibilities, and to move the production of electricity which is among the highest cost in the world onto energy in cheaper sources. That would serve to restore a whole variety of economic activity, including manufacturing. What is internal rate of return in finance. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that need to be resolved. If we could resolve them in one general effort led by the U.S. and involving the advancement of banks, I think that they strengthen each other and it is time for a new bold initiative in U.S. policy toward the Caribbean.
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[The ready 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 skip over him and go to the former chairman of the complete 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 assist influence lots of countries in the hemisphere and up to this point the technique has actually worked. However, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro routine. So it gives 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 exceptionally focused on this effort right now since it is in our nationwide security interest to collaborate an energy option; a technique so that fewer countries in the Western Hemisphere would be dependent on an extremely unreliable Venezuela.
And I believe that we have actually got to be dealing with our partners, our allies in the Caribbean to assist them make the most of the abundant and low-cost gas and the brand-new innovative clean wind and solar innovations readily available. In this manner we enhance our partners' economies, we buffer the region from the effects of Venezuelan collapse and take sensible actions towards lowering carbon emissions. So the crisis in Venezuela may cause an oil supply disruption. What impact would such an interruption have on the Caribbean countries? Mr. Bernal. My colleagues 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 complex one. Venezuela started the Petrocaribe at a time when many Caribbean countries were truly extremely extended financially and truly required some assistance. However, the relationship has its complexities. For instance, Venezuela declares an extremely big share of Guyana which belongs to the CARICOM group. It likewise has actually extended its claims in regards to seaside waters based on an island nearly 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of some financial support. I think we are at a point where the relationship is going to become very unpredictable since of nobody knows precisely what will take place in the Caribbean with Venezuela.
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Numerous Caribbean countries are thinking beyond Petrocaribe since they don't presume that it will continue in its present kind and they need to be considering options. This produces a point in which new efforts, consisting of from the U.S - How old of a car will a bank finance. in energy, would be very welcome in the region. Ms. Ros-Lehtinen. Thank you extremely 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 competence and because the Caribbean is incredibly essential, I think.
It is truly, you understand when you look at our hemisphere and we have actually got to make sure that we reinforce and working together. And I hear my colleagues in regards to particularly Petrocaribe, but I believe that the issues that are facing a great deal of the islands-- and I notice, for example, Mr. Ambassador, you listed as number 6 in order of 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 overall with their economy, due to the fact that I understand, for instance, you can't just rely on tourism or you can't just rely on, you know, they have the diversification of it requires to be there.