The de-risking of the reporter banking relationships are extremely crucial to the Caribbean because international monetary banks have actually been critical not just to domestic economy but in its link to the global economy. Some services have actually already been choked off and there need to be a method for us to find Check out here an initiative that combines the security objectives which we subscribe to, and likewise at the exact same time, permit financial intermediation such as trade financing, transfers of profits, debt payments, et cetera, to continue. Thirdly, security. The little states of the Caribbean find it extremely challenging to contend with transnational crime connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has actually done an outstanding job in supporting these nations, but I think there is room to do more in the interest of our mutual security. Security nowadays can just be defined as international and can just be responded to by cooperation among countries. Fourthly, in the trade location there are some excellent legislation in location for trade. However, many Click for info of the Caribbean nations are now service oriented countries and we require to take a look at possibilities for promoting shared and useful value chains which integrate U.S. and Caribbean in services such as health care, education, and back workplace assistance. I think by combining the skills 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 does finance a car mean.
The Caribbean countries are seaside societies. Facilities, 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 means that they are among the most susceptible nations to climate change. More resources require to be provided in a more available method to mitigate environment modification and to assist these nations in enduring. And I point particularly to the traveler market which is critically based on the quality of that immediate seaside strip. Lastly, energy (What does leverage mean in finance). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.
Solar, wind, and thermal all have possibilities, and to move the production of electrical energy which is amongst the greatest expense on the planet onto energy in less pricey sources. That would serve to restore a whole variety of financial activity, including production. How many years can you finance a boat. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that need to be resolved. If we might resolve them in one total initiative led by the U.S. and including the advancement of banks, I think that they strengthen each other and it is time for a brand-new bold initiative 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 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 full 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 important hearing. And I do not believe that we can talk about U.S.
Venezuela established Petrocaribe in 2005 to help influence numerous nations in the hemisphere and up to this point the technique has worked. However, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro routine. So it gives 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 is in our nationwide security interest to collaborate an energy service; a technique so that less nations in the Western Hemisphere would depend on an extremely unreliable Venezuela.
And I think that we have got to be dealing with our partners, our allies in the Caribbean to help them make the most of the abundant and low-cost gas and the new innovative clean wind and solar technologies readily available. This way we reinforce our partners' economies, we buffer the area from the effects of Venezuelan collapse and take practical steps towards reducing carbon emissions. So the crisis in Venezuela might trigger an oil supply interruption. What effect would such an interruption have on the Caribbean countries? Mr. Bernal. My colleagues are figured out to make certain 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 numerous Caribbean countries were really very extended financially and truly needed some support. However, the relationship has its intricacies. For instance, Venezuela claims a large share of Guyana which is a member of the CARICOM group. It also has extended its claims in terms of seaside 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 financial backing. I believe we are at a juncture where the relationship is going to become really unforeseeable due to the fact that of no one understands exactly what will occur in the Caribbean with Venezuela.
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Several Caribbean nations are believing beyond Petrocaribe because they do not presume that it will continue in its present kind and they have to be thinking about alternatives. This develops a point in which new initiatives, consisting of from the U.S - What is a note in finance. in energy, would be really 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 requiring 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 quite with your knowledge and due to the fact that the Caribbean is incredibly crucial, I think.
It is truly, you understand when you take a look at our hemisphere and we have actually got to make certain that we strengthen and working together. And I hear my coworkers in concerns to particularly Petrocaribe, however I think that the concerns that are challenging a great deal of the islands-- and I notice, for instance, Mr. Ambassador, you noted as number six in order of top priority the energy crisis, are timeshares worth the investment et cetera, in trying to make certain. So I wish to look for out as it relates to the islands themselves the things that are most pushing with them that would assist them overall with their economy, due to the fact that I understand, for instance, you can't simply rely on tourism or you can't simply depend upon, you know, they have the diversity of it requires to be there.
