The de-risking of the reporter banking relationships are really important to the Caribbean since international monetary banks have been vital not only to domestic economy however in its link to the global economy. Some services have actually currently been choked off and there need to be a method for us to find an effort that combines the security objectives which we subscribe to, and also at the same time, enable financial intermediation such as trade funding, transfers of profits, financial obligation payments, et cetera, to continue. Third, security. The little states of the Caribbean discover it really hard to contend with transnational criminal offense connected to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has actually done an exceptional job in supporting these countries, but I think there is space to do more in the interest of our shared security. Security nowadays can only be specified as international and can only be reacted to by cooperation amongst nations. Furthermore, in the trade location there are some great legislation in location for trade. Nevertheless, a number of alternative to timeshare the Caribbean nations are now service oriented nations and we require to take a look at possibilities for promoting mutual and useful worth chains which integrate U.S. and Caribbean in services such as healthcare, education, and back workplace support. I believe wesley financial group cost by combining the abilities on Capitol Hill with a few of the personnels in the Caribbean, these companies can remain competitive both here and in the U.S - What is a consumer finance account.
The Caribbean nations are coastal societies. Infrastructure, economic activity, population, the building 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 suggests that they are among the most vulnerable countries to environment modification. More resources need to be offered in a more available method to mitigate environment change and to assist these countries in making it through. And I point especially to the tourist industry which is critically depending on the quality of that immediate seaside strip. Lastly, energy (What is a consumer finance company). 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 energy which is among the highest cost on the planet onto energy in more economical sources. That would serve to restore a whole variety of economic activity, including production. How to finance a second home. And I conclude, Mr. Chairman, by stating that all of these are interrelated aspects that require to be dealt with. If we could address them in one general initiative led by the U.S. and involving the development of banks, I believe that they reinforce each other and it is time for a brand-new vibrant initiative in U.S. policy toward the Caribbean.
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[The prepared declaration 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 former chairman of the full committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so quite and I apologize for 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 do not think that we can talk about U.S.
Venezuela established Petrocaribe in timeshare inheritance 2005 to help affect numerous nations in the hemisphere and approximately this point the technique has worked. However, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro program. So it offers the U.S. a chance to fill that void, and this is where we require the State Department and the Department of Energy to be incredibly focused on this effort today due to the fact that it is in our national security interest to collaborate an energy option; a method so that less countries 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 assist them benefit from the abundant and low-cost gas and the brand-new innovative tidy wind and solar innovations offered. By doing this we strengthen our partners' economies, we buffer the region from the effects of Venezuelan collapse and take realistic steps toward reducing carbon emissions. So the crisis in Venezuela may cause an oil supply interruption. What impact would such a disturbance have on the Caribbean countries? Mr. Bernal. My coworkers are determined to ensure I bring a reasonable share of the load.
Thank you for that. The relationship with Venezuela is a long and complicated one. Venezuela started the Petrocaribe at a time when numerous Caribbean countries were really extremely stretched financially and really required some support. However, the relationship has its intricacies. For example, Venezuela declares a large share of Guyana which belongs to the CARICOM group. It likewise has extended its claims in regards to seaside 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 support. I think we are at a juncture where the relationship is going to become very unforeseeable because of nobody knows exactly what will occur in the Caribbean with Venezuela.
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Numerous Caribbean countries are believing beyond Petrocaribe since they don't assume that it will continue in its present kind and they have to be thinking about alternatives. This produces a juncture in which new initiatives, including from the U.S - What are the two ways government can finance a budget deficit?. in energy, would be very welcome in the region. Ms. Ros-Lehtinen. Thank you really 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 understand, we trust very much with your proficiency and because the Caribbean is extremely essential, I think.
It is really, you know when you look at our hemisphere and we have got to make certain that we reinforce and interacting. And I hear my associates in regards to especially Petrocaribe, but I think that the concerns that are confronting a great deal of the islands-- and I notice, for instance, Mr. Ambassador, you noted as number six in order of priority the energy crisis, et cetera, in trying to ensure. 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 total with their economy, because I know, for example, you can't just depend upon tourism or you can't just depend upon, you know, they have the diversification of it requires to be there.