The de-risking of the reporter banking relationships are really essential to the Caribbean since global monetary banks have been critical not just to domestic economy but in its link to the global economy. Some services have actually currently been choked off and there should be a method for us to find an effort that combines the security goals which we sign up for, and also at the same time, enable financial intermediation such as trade financing, transfers of revenues, financial obligation payments, et cetera, to continue. Finally, security. The little states of the Caribbean find it extremely difficult to contend with transnational criminal offense linked to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has actually done an impressive task in supporting these countries, however I believe there is room to do more in the interest of our mutual security. Security nowadays can only be specified as international and can just be reacted to by cooperation amongst nations. Fourthly, in the trade location there are some good legislation in place for trade. However, many of the Caribbean countries are now service oriented countries and we need to analyze possibilities for promoting mutual and useful value chains which combine U.S. and Caribbean in services such as health care, education, and back office assistance. I believe by integrating the skills on Capitol Hill with a few of the human resources in the Caribbean, these firms can stay competitive both here and in the U.S - Which one of the following occupations best fits into the corporate area of finance?.
The Caribbean countries are seaside societies. Facilities, financial 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 amongst the most susceptible nations to environment modification. More resources need to be made available in a more available way to mitigate climate modification and to help these nations in enduring. And I point especially to the traveler market which is critically depending on the quality of that immediate seaside strip. Lastly, energy (How long can you finance a camper). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.
Solar, wind, and thermal all have possibilities, and to shift the production of electricity which is among the highest cost in the world onto energy in cheaper sources. That would serve to revive an wesley timeshare entire series of financial activity, including production. What does ltm mean in finance. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that require to be addressed. If we Helpful resources could resolve them in one overall effort led by the U.S. and including the advancement of banks, I believe that they strengthen each other and it is time for a new vibrant initiative in U.S. policy toward the Caribbean.
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[The ready statement 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 actually agreed we are going to avoid over him and go to the former chairman of the complete committee, Ms. Ros- Lehtinen, for 5 minutes. Ms. Ros-Lehtinen. Thank you so quite and I say sorry 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 essential hearing. And I don't think that we can go over U.S.
Venezuela established Petrocaribe in 2005 to assist influence lots of 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 regime. So it provides the U.S. an opportunity to fill that space, and this is where we need the State Department and the Department of Energy to be exceptionally focused on this effort today because it remains in our national security interest to coordinate an energy option; a method so that fewer countries in the Western Hemisphere would be reliant on a really undependable Venezuela.
And I think that we have actually got to be working with our partners, our allies in the Caribbean to help them make the most of the abundant and cheap gas and the brand-new innovative tidy wind and solar technologies available. By doing this we enhance our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take reasonable steps toward reducing carbon emissions. So the crisis in Venezuela might trigger an oil supply disturbance. What impact would such an interruption have on the Caribbean countries? Mr. Bernal. My colleagues are determined to make sure 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 many Caribbean nations were actually very extended financially and actually needed some help. Nevertheless, the relationship has its complexities. For instance, Venezuela claims a large https://www.openlearning.com/u/tammi-qfl8g5/blog/BesidesTheFinanceChargeYouShouldAlsoConsiderWhenYouShopForAConsumerLoanCanBeFunForAnyone/ share of Guyana which belongs to the CARICOM group. It also has extended its claims in terms of 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 monetary support. I believe we are at a juncture where the relationship is going to become extremely unpredictable due to the fact that of nobody understands precisely what will happen in the Caribbean with Venezuela.
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Numerous Caribbean countries are thinking beyond Petrocaribe because they don't presume that it will continue in its present type and they need to be thinking about alternatives. This produces a point in which brand-new efforts, including from the U.S - What is a swap in finance. in energy, would be really welcome in the area. Ms. Ros-Lehtinen. Thank you extremely 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 good to see all of you who, you know, we trust really much with your know-how and because the Caribbean is extremely essential, I think.
It is really, you know when you take a look at our hemisphere and we have actually got to make certain that we reinforce and collaborating. And I hear my colleagues in regards to particularly Petrocaribe, however I believe that the problems that are confronting a great deal of the islands-- and I observe, for example, Mr. Ambassador, you noted as number 6 in order of concern the energy crisis, et cetera, in attempting to ensure. So I desire to attempt to discover out as it refers to the islands themselves the important things that are most pressing with them that would help them overall with their economy, due to the fact that I know, for instance, you can't simply depend upon tourism or you can't just depend upon, you know, they have the diversity of it needs to be there.
