The de-risking of the reporter banking relationships are very crucial to the Caribbean since international financial banks have been critical not just to domestic economy but in its link to the global economy. Some services have currently been choked off and there must be a timeshares ripoff way for us to find an effort that integrates the security goals which we register for, and also at the exact same time, allow monetary intermediation such as trade funding, transfers of profits, debt payments, et cetera, to continue. Third, security. The little states of the Caribbean discover it really hard to compete with global criminal activity connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an exceptional job in supporting these countries, but I believe there is room to do more in the interest of our shared security. Security nowadays can only be defined as global and can only be reacted to by cooperation among nations. Fourthly, in the trade area there are some excellent legislation in place for trade. Nevertheless, much of the Caribbean nations are now service oriented nations and we need to examine possibilities for promoting mutual and beneficial worth chains which combine U.S. and Caribbean in services such as health care, education, and back office assistance. I think by combining the abilities on Capitol Hill with a few of the personnels in the Caribbean, these firms can stay competitive both here and in the U.S - How to finance building a home.
The Caribbean nations are seaside societies. Facilities, 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 indicates that they are among the most vulnerable countries to climate change. More resources require to be offered in a more available way to alleviate climate change and to help these countries in enduring. And I point especially to the tourist market which is seriously based on the quality of that immediate coastal strip. Finally, energy (What is a cd 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 power which is amongst the greatest cost on the planet onto energy in less expensive sources. That would serve to restore an entire range of financial activity, consisting of manufacturing. What is a consumer finance company. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that require to be resolved. If we could address them in one overall effort led by the U.S. and involving the advancement tom matthews wfg of banks, I think that they reinforce each other and it is time for a new strong initiative in U.S. policy towards the Caribbean.
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[The ready declaration of Mr. Bernal follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you so much for making the effort to be here. Mr. Meeks has concurred we are going to skip over him and go to the former 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, however thank you, Chairman Duncan and Ranking Member Sires, for holding this essential hearing. And I do not think that we can go over U.S.
Venezuela established Petrocaribe in 2005 to help influence numerous countries in the hemisphere and as much as this point the strategy has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro regime. So it gives the U.S. a chance to fill that space, and this is where we need the State Department and the Department of Energy to be extremely focused on this effort right now because it remains in our national security interest to coordinate an energy solution; a technique so that less countries in the Western Hemisphere would depend on a very undependable Venezuela.
And I think that we have got to be working with our partners, our allies in the Caribbean to help them make the most of the abundant and inexpensive gas and the new advanced tidy wind and solar technologies offered. By doing this we reinforce our partners' economies, we buffer the region from the effects of Venezuelan collapse and take reasonable actions towards minimizing carbon emissions. So the crisis in Venezuela may trigger an oil supply disturbance. What effect would such a disruption have on the Caribbean countries? Mr. Bernal. My associates 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 complex one. Venezuela started the Petrocaribe at a time when lots of Caribbean nations were truly very extended economically and actually needed some support. However, the relationship has its complexities. For instance, Venezuela claims a huge share of Guyana which belongs to the CARICOM group. It likewise has extended its claims in terms of seaside waters based on an island practically 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 point where the relationship is going to become extremely unforeseeable because of no one knows precisely what will occur in the Caribbean with Venezuela.
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Numerous Caribbean countries are thinking beyond Petrocaribe because they don't assume that it will continue in its present type and they have to be considering alternatives. This creates a point in which brand-new efforts, including from the U.S - What happened to household finance corporation. 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 run down 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 trust quite with your knowledge and since the Caribbean is extremely essential, I believe.
It is truly, you understand when you take a look at our hemisphere and we have actually got to make sure that we reinforce and working together. And I hear my coworkers in regards to especially Petrocaribe, but I think that the concerns that are facing a great deal of the islands-- and I see, for instance, Mr. Ambassador, you listed as number six in order of priority the energy crisis, et cetera, in trying to make sure. So I desire to look for out as it relates to the islands themselves the things that are most pressing with them that would help them total with their economy, because I know, for instance, you can't simply depend upon tourism or you can't just rely on, you know, they have the diversification of it needs to be there.