The de-risking of the reporter banking relationships are very essential to the Caribbean since global financial banks have actually been critical not only to domestic economy however in its link to the global economy. Some services have currently been choked off and there must be a way for us to find an effort that combines the security goals which we sign up for, and likewise at the same time, enable financial intermediation such as trade financing, transfers of earnings, debt payments, et cetera, to continue. Third, security. The little states of the Caribbean discover it very tough to contend with transnational criminal offense linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has actually done an outstanding task in supporting these nations, however I think there is room to do more in the interest of our shared security. Security these days 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 place for trade. However, a number of the Caribbean countries are now service oriented countries and we need to analyze 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 believe by integrating the abilities on Capitol Hill with a few of the human resources in the Caribbean, these firms can remain 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 countries are coastal 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 instance, Belize and Guyana. It suggests that they are among the most vulnerable nations to climate modification. More resources need to be provided in a more available method to reduce climate modification and to help these countries in surviving. And I point particularly to the traveler industry which is critically https://jaspertmjd660.wordpress.com/2021/12/16/the-buzz-on-what-is-a-basis-point-in-finance/ based on the quality of that immediate coastal strip. Lastly, energy (How to finance a house flip). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.
Solar, wind, and thermal all have possibilities, and to shift the production of electrical power which is amongst the greatest expense on the planet onto energy in less costly sources. That would serve to restore an entire variety of financial activity, including manufacturing. Which one of the following occupations best fits into the corporate area of finance?. 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 including the development of monetary organizations, I think that they reinforce each other and it is time for a new strong initiative in U.S. policy toward the Caribbean.
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[The ready 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 actually agreed 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 very much and I apologize for 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 do not believe that we can go over U.S.
Venezuela established Petrocaribe in 2005 to help influence numerous nations in the hemisphere and as much as this point the technique has actually worked. Nevertheless, 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. a chance to fill that space, and this is where we require the State Department and the Department of Energy to be extremely concentrated on this effort right now because it is in our national security interest to collaborate an energy solution; a technique so that fewer countries in the Western Hemisphere would be dependent on a very undependable Venezuela.
And I believe that we have actually got to be working with our partners, our allies in the Caribbean to help them take benefit of the abundant and cheap gas and the new sophisticated tidy wind and solar technologies available. By doing this we strengthen our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take realistic steps towards minimizing carbon emissions. So the crisis in Venezuela might trigger an oil supply interruption. What impact would such an interruption have on the Caribbean nations? Mr. Bernal. My coworkers are identified to make sure I bring a fair 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 many Caribbean nations were really very extended economically and actually required some support. However, the relationship has its intricacies. For instance, Venezuela declares a huge share of Guyana which is a member of the CARICOM group. It also has actually 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 gaining from some monetary support. I think we are at timeshare foreclosure maintenance fees a juncture where the relationship is going to become very unforeseeable since of nobody understands precisely what will take place in the Caribbean with Venezuela.
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A number of Caribbean countries are thinking beyond Petrocaribe due to the fact that they don't assume that it will continue in its present kind and they have to be thinking about options. This develops a juncture in which new efforts, including from the U.S - What can i do with a degree in finance. in energy, would Additional info be really 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 requiring 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 know, we trust quite with your knowledge and since the Caribbean is exceptionally important, I think.
It is truly, you know when you look at our hemisphere and we have actually got to make sure that we strengthen and interacting. And I hear my colleagues in concerns to specifically Petrocaribe, but I think that the problems that are facing a great deal of the islands-- and I observe, for instance, Mr. Ambassador, you listed as number 6 in order of concern the energy crisis, et cetera, in attempting to make sure. So I want 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 understand, for example, you can't just depend upon tourism or you can't simply depend upon, you know, they have the diversification of it requires to be there.