The de-risking of the correspondent banking relationships are really important to the Caribbean because global financial banks have actually been critical not only to domestic economy however in its link to the international economy. Some services have actually already been choked off and there should be a way for us to discover an initiative that combines the security goals which we subscribe to, and also at the same time, allow financial intermediation such as trade financing, transfers of earnings, debt payments, et cetera, to continue. Third, security. The small states of the Caribbean find it extremely hard to compete with transnational criminal offense linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has 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 these days can only be defined as international and can only be responded to by cooperation amongst nations. Furthermore, in the trade area there are some excellent legislation in place for trade. However, numerous of the Caribbean nations are now service oriented nations and we need to analyze possibilities for promoting mutual and useful value chains which integrate U.S. and Caribbean in services such as health care, education, and back office assistance. I think by integrating the abilities on Capitol Hill with a few of the human resources in the Caribbean, these companies can stay competitive both here and in the U.S - How to finance a home addition.
The Caribbean nations are seaside societies. Infrastructure, economic activity, population, the structure environment are all focused on a narrow strip on the coast, even for those countries which are not islands, for example, Belize and Guyana. It implies that they are amongst the most susceptible countries to climate change. More resources need to be made offered in a more accessible way to reduce climate modification and to help these nations in making it through. And I point particularly to the tourist industry which is seriously depending on the quality of that immediate seaside strip. Finally, energy (What is a note in finance). 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 electrical power which is among the greatest expense on the planet onto energy in more economical sources. That would serve to restore an entire range of economic activity, including production. How to finance a house flip. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that need to be dealt with. If we might address them in one total effort led by the U.S. and including the development of financial organizations, I think that they reinforce each other and it is time for a brand-new bold initiative in U.S. policy towards the Caribbean.
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[The prepared statement 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 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 really much 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 don't believe that we can discuss U.S.
Venezuela developed Petrocaribe in 2005 to assist affect lots of countries in the hemisphere and as much as this point the technique has worked. However, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro routine. So it provides 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 concentrated on this effort right now because it is in our nationwide security interest to coordinate an energy option; a strategy so that fewer countries in the Western Hemisphere would be dependent on a very unreliable Venezuela.
And I think that we have actually got to be dealing with our partners, our allies in the Caribbean to assist them take advantage of the abundant and cheap natural gas and the brand-new sophisticated clean wind and solar innovations offered. This way we strengthen our partners' economies, we buffer the region from the effects of Venezuelan collapse and take realistic steps towards decreasing carbon emissions. So the crisis in Venezuela might cause an oil supply disturbance. What impact would such an interruption have on the Caribbean countries? Mr. Bernal. My coworkers are determined 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 numerous Caribbean nations were actually very stretched economically and really needed some support. Nevertheless, the relationship has its intricacies. For example, Venezuela declares a large share of Guyana which belongs to the CARICOM group. It likewise has actually extended its claims in terms of coastal waters based on an island practically 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some monetary assistance. I think we are at a juncture where the relationship is going to become extremely unforeseeable because of no one knows exactly what will happen in the Caribbean with Venezuela.
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Several Caribbean countries are believing beyond Petrocaribe since they don't presume that it will continue in its present form and they have to be thinking about alternatives. This produces a point in which brand-new initiatives, including from the U.S - How to finance a car from a private seller. in energy, would be extremely welcome in the area. Ms. Ros-Lehtinen. Thank you very much, 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 excellent to see all of you who, you know, we rely upon extremely much with your knowledge and since the Caribbean is very crucial, I think.
It is actually, you know when you look at our hemisphere and we have actually got to make sure that we strengthen and working together. And I hear my colleagues in concerns to particularly Petrocaribe, however I think that the concerns that are challenging a great deal of the islands-- and I observe, for instance, Mr. Ambassador, you noted as number 6 in order of priority the energy crisis, et cetera, wesley financial group scam in attempting to ensure. So sell timeshare week I desire to search for out as it pertains to the islands themselves the things that are most pressing with them that would assist them general with their economy, due to the fact that I understand, for instance, you can't just depend upon tourist or you can't just rely on, you understand, they have the diversity of it requires to be there.