The de-risking of the reporter banking relationships are really essential to the Caribbean because worldwide financial banks have actually been critical not just to domestic economy however in its link to the global economy. Some services have already been choked off and there need to be a method for us to discover an effort that combines the security objectives which we register for, and likewise at the very same time, enable monetary intermediation such as trade funding, transfers of profits, debt payments, et cetera, to continue. Finally, security. The little states of the Caribbean discover it really hard to contend with global crime linked to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has done an exceptional job in supporting these nations, but I believe there is room to do more in the interest of our shared security. Security these days can just be defined as worldwide and can just be reacted to by cooperation among nations. Fourthly, in the trade location there are some good legislation in location for trade. Nevertheless, much of the Caribbean countries are now service oriented countries and we require to take a look at possibilities for promoting mutual and beneficial value chains which integrate U.S. and Caribbean in services such as health care, education, and back office support. I believe by integrating the skills on Capitol Hill with a few of the personnels in the Caribbean, these companies can stay competitive both here and in the U.S - Which of the following can be described as involving direct finance?.
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 instance, Belize and Guyana. It indicates that they are among the most susceptible nations to climate change. More resources require to be offered in a more available method to mitigate climate modification and to assist these countries in making it through. And I point particularly to the tourist market which is critically based on the quality of that immediate coastal strip. Lastly, energy (Which of the following was eliminated as a result of 2002 campaign finance reforms?). The Caribbean, bar the exceptions of Trinidad and Tobago, depend heavily on importation of energy.
Solar, wind, and thermal all have time share ownership is possibilities, and to shift the production of electrical power which is among the greatest expense worldwide onto energy in less expensive sources. That would serve to restore a whole variety of financial activity, consisting of manufacturing. Trade credit may be used to finance a major part of a firm's working capital when. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that need to be dealt with. If we might resolve them in one overall initiative led by the U.S. and involving the development of banks, I think that they strengthen each other and it is time for a new bold initiative in U.S. policy towards the Caribbean.
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[The ready statement of Mr. Bernal follows:] [GRAPHIC( S) NOT OFFERED IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you a lot for making the effort to be here. Mr. Meeks has concurred we are going to skip over him and go to the previous chairman of the full 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, however thank you, Chairman Duncan and Ranking Member Sires, for holding this important hearing. And I don't think that we can go over U.S.
Venezuela established Petrocaribe in 2005 to help affect lots of nations in the hemisphere and up to this point the technique has 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 void, and this is where we need the State Department and the Department of Energy to be very concentrated on this effort right now because it is in our national security interest to coordinate an energy solution; a method so that fewer countries in the Western Hemisphere would be reliant Learn more here on an extremely unreliable Venezuela.
And I believe that we have actually got to be working with our partners, our allies in the Caribbean to help them benefit from the plentiful and cheap natural gas and the brand-new advanced clean wind and solar technologies readily available. This way we reinforce our partners' economies, we buffer the region from the effects of Venezuelan collapse and take practical steps towards decreasing carbon emissions. So the crisis in Venezuela may trigger an oil supply disruption. What effect would such a disturbance have on the Caribbean countries? Mr. Bernal. My associates are determined to make certain 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 many Caribbean nations were truly very extended economically and really required some help. However, the relationship has its intricacies. For example, Venezuela claims a huge share of Guyana which belongs to the CARICOM group. It likewise has extended its claims in regards to seaside waters based upon an island almost 400 miles far 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 end up being very unforeseeable since of nobody knows precisely what will happen in the Caribbean with Venezuela.
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A number of Caribbean countries are thinking beyond Petrocaribe due to the fact that they do not presume that it will continue in its present type and they have to be considering alternatives. This produces a point in which brand-new efforts, including from the U.S - How long can you finance a camper. in energy, would be very 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 requiring 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 great to see all of you who, you know, we trust quite with your proficiency and because the Caribbean is very crucial, I believe.
It is truly, you understand when you take a look at our hemisphere and we have got to ensure that we reinforce and collaborating. And I hear my coworkers in regards to particularly Petrocaribe, however I think that the issues that are challenging a lot of the islands-- and I notice, for example, Mr. Ambassador, you listed as number 6 in order of top priority the energy crisis, et cetera, in attempting to make sure. So I wish to search for out as it relates to the islands themselves the important things that are most pushing with them that would assist them general with their economy, due to the fact that I know, for example, you can't just rely on tourist or you can't just rely on, you know, they have the diversity of it needs to be there.