The de-risking of the correspondent banking relationships are extremely important to the Caribbean due to the fact that worldwide financial banks have actually been critical not just to domestic economy but in its link to the global economy. Some services have already been choked off and there should be a method for us to find an initiative that combines the security objectives which we sign up for, and also at the same time, allow monetary intermediation such as trade financing, transfers of earnings, debt payments, et cetera, to continue. Third, security. The little states of the Caribbean find it very tough to compete with global criminal activity linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has actually done an exceptional task in supporting these nations, but I think there is space to do more in the interest of our mutual security. Security nowadays can only be defined as international and can just be reacted to by cooperation amongst countries. Furthermore, in the trade area there are some good legislation in location for trade. Nevertheless, much of the Caribbean countries are now service oriented countries and we need to take a look at possibilities for promoting shared and useful worth chains which integrate U.S. and Caribbean in services such as health care, 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 - What are the two ways government can finance a budget deficit?.
The Caribbean nations are seaside societies. Infrastructure, economic activity, population, the structure environment are all focused on a narrow strip on the coast, follow this link even for those countries which are not islands, for example, Belize and Guyana. It implies that they are among the most susceptible nations to climate modification. More resources require to be offered in a more available method to mitigate climate modification and to assist these nations in enduring. And I point especially to the traveler market which is seriously depending on the quality of that instant seaside strip. Finally, energy (How to become a finance manager at a car dealership). 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 cost on the planet onto energy in less expensive sources. That would serve to revive a whole series of financial activity, including manufacturing. What is a finance charge on a credit card. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that need to be dealt with. If we could resolve them in one total effort led by the U.S. and involving the development of financial institutions, I think that they enhance each other and it is time for a brand-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 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 ask forgiveness 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 don't believe that we can go over U.S.
Venezuela established Petrocaribe in 2005 to assist influence lots of nations in the hemisphere and as much as this point the strategy has worked. However, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro regime. So it offers the U.S. a chance 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 remains in our national security interest to coordinate an energy solution; a method so that fewer nations in the Western Hemisphere would be dependent on an extremely undependable Venezuela.
And I think that we have actually got to be working with our partners, our allies in the Caribbean to help them benefit from the plentiful and cheap natural gas and the new advanced clean wind and solar innovations readily available. By doing this we enhance our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take sensible steps towards lowering carbon emissions. So the crisis in Venezuela may trigger an oil supply disturbance. What effect would such a disruption have on the Caribbean nations? Mr. Bernal. My colleagues are identified to make certain I bring a reasonable 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 countries were actually extremely extended financially and really needed some support. Nevertheless, the relationship has its intricacies. For example, Venezuela claims a huge share of Guyana which belongs to the CARICOM group. It also has actually extended its claims in regards to seaside waters based on an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of some monetary assistance. I believe we are at a point where the relationship is going to end up being very unpredictable because of no one knows exactly what will occur in the Caribbean with Venezuela.
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A number of Caribbean nations are believing beyond Petrocaribe due to the fact that they do not assume that it will continue in its present form and they have to be thinking about alternatives. This creates a point in which brand-new efforts, consisting of from the U.S - How to become a finance manager at a car dealership. in energy, would be very welcome in the region. Ms. Ros-Lehtinen. Thank you quite, 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. More helpful hints Meeks. Thank you, Mr. Chairman. And thank you for being here, and excellent to see all of you who, you know, we rely upon really much with your proficiency and since the Caribbean is incredibly crucial, I think.
It is really, 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 concerns to especially Petrocaribe, however I believe that the problems that are challenging a great deal of the islands-- and I observe, for example, Mr. Ambassador, you noted as number six in order of priority the energy crisis, et cetera, in attempting to ensure. So I desire to search for out as it pertains to the islands themselves the important things that are most pressing with them that would assist them general with their economy, since I understand, for instance, you can't simply rely on tourist or you can't simply rely on, you know, they have the diversification of it requires to be there.