The de-risking of the correspondent banking relationships are extremely crucial to the Caribbean due to the fact that worldwide financial banks have been vital not just to domestic economy but in its link to the worldwide economy. Some services have already been choked off and there must be a way for us to find an initiative that integrates the security objectives which we sign up for, and likewise at the same time, allow financial intermediation such as trade funding, transfers of profits, financial obligation payments, et cetera, to continue. Third, security. The small states of the Caribbean discover it extremely difficult to contend with multinational crime linked to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has done an outstanding job in supporting these nations, but I think there is space to do more in the interest of our mutual security. Security these days can only be specified as global and can only be reacted to by cooperation amongst countries. Fourthly, in the trade area there are some great legislation in location for trade. However, a lot of the Caribbean nations are now service oriented countries and we need to take a look at possibilities for promoting mutual and beneficial worth chains which combine U.S. and Caribbean in services such as health care, education, and back office support. I believe by combining the abilities on Capitol Hill with some of the personnels in the Caribbean, these companies can remain competitive both here can you foreclose on a timeshare and in the U.S - How long can i finance a used car.
The Caribbean nations are coastal societies. Facilities, economic activity, population, the building environment are all focused 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 amongst the most vulnerable countries to environment change. More resources require to be made readily available in a more available method to mitigate environment modification and to assist these countries in making it through. And I point particularly to the traveler industry which is seriously depending on the quality of that immediate coastal strip. Finally, energy (How to finance a franchise with no money). 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 electricity which is amongst the highest expense in the world onto energy in more economical sources. That would serve to revive an entire range of financial activity, consisting of production. How to finance a second home. And I conclude, Mr. Chairman, by stating that all of these are interrelated aspects that need to be attended to. If we could resolve them in one total effort led by the U.S. and including the development of monetary organizations, I think that they strengthen each other and it is time for a brand-new vibrant effort in U.S. policy toward the Caribbean.
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[The prepared declaration of Mr. Bernal follows:] [GRAPHIC( S) NOT AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you a lot 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 crucial hearing. And I don't think that we can discuss U.S.
Venezuela developed Petrocaribe in 2005 to assist affect many countries in the hemisphere and approximately this point the method has worked. However, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro program. So it gives the U.S. a chance to fill that space, and this is where we require the State Department and the Department of Energy to be exceptionally concentrated on this effort today because it is in our national security interest to collaborate an energy solution; a method so that fewer countries in the Western Hemisphere would be reliant on a very unreliable Venezuela.
And I think that we have actually got to be working with our partners, our allies in the Caribbean to help them take benefit of the abundant and low-cost gas and the new innovative clean wind and solar technologies offered. By doing this we enhance our partners' economies, we buffer the area from the effects of Venezuelan collapse and take realistic steps toward lowering carbon emissions. So the crisis in Venezuela may cause an oil supply disruption. What impact would such an interruption have on the Caribbean countries? Mr. Bernal. My coworkers are figured out to ensure I carry 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 lots of Caribbean nations were really extremely stretched economically and really needed some assistance. Nevertheless, the relationship has its complexities. For instance, Venezuela declares a large share of Guyana which is a member of the CARICOM group. It likewise has extended its claims in regards to coastal waters based upon an island nearly 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some financial backing. I think we are at a juncture where the relationship is going to become extremely unpredictable since of no one understands precisely what will happen in the Caribbean with Venezuela.
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Several Caribbean countries are thinking beyond Petrocaribe since they don't assume that it will continue in its present kind and they have to be considering alternatives. This develops a juncture in which new initiatives, including from the U.S - Which of these arguments might be used by someone who supports strict campaign finance laws?. 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 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 understand, we trust quite with your know-how and due to the fact that the Caribbean is exceptionally essential, View website I believe.
It is truly, you know 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 timeshare vs vacation club colleagues in concerns to especially Petrocaribe, but I believe that the problems that are confronting a lot of the islands-- and I see, for instance, Mr. Ambassador, you noted as number 6 in order of priority the energy crisis, et cetera, in trying to ensure. So I wish to attempt to discover out as it refers to the islands themselves the things that are most pressing with them that would help them overall with their economy, due to the fact that I understand, for example, you can't just rely on tourism or you can't just rely on, you know, they have the diversity of it requires to be there.