The de-risking of the reporter banking relationships are really crucial to the Caribbean because worldwide financial banks have actually been vital not only to domestic economy but in its link to the international economy. Some services have already been choked off and there need to be a way for us to find an effort that integrates the security goals which we subscribe to, and likewise at the very same time, allow financial intermediation such as trade financing, transfers of revenues, debt payments, et cetera, to continue. Thirdly, security. The little states of the Caribbean find it really tough to compete with transnational criminal offense connected to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has done an exceptional job in supporting these nations, however I believe there is space to do more in the interest of our mutual security. Security these days can only be defined as international and can only be reacted to by cooperation amongst nations. Furthermore, in the trade area there are some great legislation in place for trade. However, a lot of the Caribbean nations are now service oriented nations and we need to examine possibilities for promoting mutual and useful value chains which combine U.S. and Caribbean in services such as healthcare, education, and back office support. I think by integrating the abilities on Capitol Hill with a few of the human resources in the Caribbean, these firms can stay competitive both here and in the U.S - How to become a finance manager at a car dealership.
The Caribbean countries are seaside societies. Infrastructure, economic activity, population, the structure environment are all concentrated on a narrow strip on the coast, even for those nations which are not islands, for example, Belize and Guyana. It implies that they are among the most susceptible countries to environment change. More resources require to be made available in a more available way to get more info reduce climate change and to assist these countries in enduring. And I point particularly to the traveler market which is seriously reliant on the quality of that immediate coastal strip. Lastly, energy (Which of these arguments might be used by someone who supports strict campaign finance laws?). 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 electrical power which is among the greatest expense in the world onto energy in more economical sources. That would serve to revive a whole variety of financial activity, including production. What happened to yahoo finance portfolios. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require to be attended to. If we could address them in one overall initiative led by the U.S. and including the development of monetary institutions, I think that they reinforce each other and it is time for a new vibrant effort in U.S. policy towards the Caribbean.
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[The ready statement of Mr. Bernal follows:] [GRAPHIC( S) NOT OFFERED 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 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, however thank you, Chairman Duncan and Ranking Member Sires, for holding this essential hearing. And I don't believe that we can discuss U.S.
Venezuela established Petrocaribe in 2005 to assist influence many nations in the hemisphere and up to this point the technique has worked. However, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro regime. So it provides 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 focused on this effort right now since it is in our national security iva buying group interest to collaborate an energy solution; a technique so that fewer nations in the Western Hemisphere would depend on a very unreliable Venezuela.
And I think that we have got to be dealing with our partners, our allies in the Caribbean to assist them benefit from the plentiful and low-cost gas and the new sophisticated tidy wind and solar technologies available. This method we enhance our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take reasonable steps toward minimizing carbon emissions. So the crisis in Venezuela may trigger an oil supply disruption. What impact would such an interruption have on the Caribbean countries? Mr. Bernal. My colleagues are identified to make sure I carry a fair share of the load.
Thank you for that. The relationship with Venezuela is a long and complex one. Venezuela initiated the Petrocaribe at a time when lots of Caribbean nations were really extremely extended economically and truly needed some help. Nevertheless, the relationship has its intricacies. For floating weeks timeshare example, Venezuela declares a huge share of Guyana which is a member of the CARICOM group. It likewise has actually extended its claims in terms of coastal waters based upon an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial backing. I think we are at a juncture where the relationship is going to end up being really unpredictable since of nobody understands exactly what will occur in the Caribbean with Venezuela.
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Numerous Caribbean countries are thinking beyond Petrocaribe due to the fact that they do not assume that it will continue in its present kind and they need to be thinking of alternatives. This produces a juncture in which new initiatives, including from the U.S - Which of the following approaches is most suitable for auditing the finance and investment cycle?. in energy, would be really welcome in the area. Ms. Ros-Lehtinen. Thank you quite, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking 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 great to see all of you who, you know, we rely upon extremely much with your expertise and because the Caribbean is exceptionally important, I believe.
It is really, you know when you take a look at our hemisphere and we have got to make certain that we enhance and collaborating. And I hear my coworkers in concerns to particularly Petrocaribe, however I believe that the issues that are confronting a lot 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 certain. So I want to look for out as it relates to the islands themselves the important things that are most pressing with them that would help them general with their economy, since I understand, for instance, 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.