The de-risking of the reporter banking relationships are very essential to the Caribbean because international monetary banks have actually been critical not just to domestic economy but in its link to the international economy. Some services have actually currently been choked off and there must be a method for us to discover an effort that combines the security goals which we register for, and also at the same time, allow financial 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 tough to compete with global criminal offense connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an impressive task in supporting these countries, but I believe there is room to do more in the interest of our mutual security. Security nowadays can only be defined as international and can only be responded to by cooperation among nations. Furthermore, in the timeshare foreclosure process trade location there are some excellent legislation in place for trade. Nevertheless, numerous of the Caribbean countries are now service oriented nations and we need to examine possibilities for promoting mutual and beneficial worth chains which integrate U.S. and Caribbean in services such as health care, education, and back office assistance. I think by combining the abilities on Capitol Hill with some of the human resources in the Caribbean, these firms can stay competitive both here and in the U.S - Accounting vs finance which is harder.
The Caribbean countries are coastal 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 example, Belize and Guyana. It suggests that they are amongst the most vulnerable countries to climate modification. More resources need to be offered in a more accessible way to alleviate climate change and to help these nations in making it through. And I point especially to the traveler industry which is seriously based on the quality of that immediate coastal strip. Lastly, 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 shift the production of electricity which is amongst the highest expense worldwide onto energy in less expensive sources. That would serve to revive a whole variety of economic activity, consisting of manufacturing. How old of an rv can you finance. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require to be dealt with. If we could address them in one total effort led by the U.S. and involving the development of banks, I believe that they enhance each other and it is time for a new strong effort in U.S. policy toward the Caribbean.
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[The prepared statement of Mr. Bernal follows:] [GRAPHIC( S) NOT OFFERED 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 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 essential hearing. And I don't think that we can go over U.S.
Venezuela developed Petrocaribe in 2005 to wesley financial group cost help influence many countries in the hemisphere and approximately this point the technique has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro routine. So it offers 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 exceptionally concentrated on this effort today due to the fact that it remains in our nationwide security interest to coordinate an energy option; a strategy so that fewer nations in the Western Hemisphere would depend on a really 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 cheap gas and the new advanced clean wind and solar technologies offered. In this manner we enhance our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take practical steps toward minimizing carbon emissions. So the crisis in Venezuela might cause an oil supply disturbance. What effect would such a disturbance have on the Caribbean countries? Mr. Bernal. My coworkers are determined to make certain I carry a reasonable 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 countries were actually extremely extended economically and really required some support. Nevertheless, the relationship has its intricacies. For example, Venezuela declares a huge share of Guyana which belongs to the CARICOM group. It also has extended its claims in terms of coastal waters based on an island practically 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of some financial backing. I think we are at a juncture where the relationship is going to become extremely unpredictable since of no one understands exactly what will occur in the Caribbean with Venezuela.
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Several Caribbean countries are believing beyond Petrocaribe since they do not assume that it will continue in its present type and they have to be considering options. This produces a juncture in which new efforts, including from the U.S - How do you finance a car. 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 some time to run down here. The Chair will now go to Mr. Meeks. Mr. Meeks. Thank can you foreclose on a timeshare you, Mr. Chairman. And thank you for being here, and great to see all of you who, you understand, we rely upon very much with your know-how and because the Caribbean is incredibly crucial, I believe.
It is actually, you know when you look at our hemisphere and we have got to make sure that we enhance and interacting. And I hear my associates in concerns to especially Petrocaribe, however I think that the issues that are challenging a great deal of the islands-- and I see, for instance, Mr. Ambassador, you listed as number 6 in order of top priority the energy crisis, et cetera, in trying to make certain. So I wish to try to find out as it pertains to the islands themselves the things that are most pressing with them that would assist them total with their economy, due to the fact that I know, for example, you can't just depend upon tourist or you can't simply depend upon, you understand, they have the diversity of it needs to be there.