The de-risking of the reporter banking relationships are very important to the Caribbean due to the fact that global financial banks have actually been important not only to domestic economy but in its link to the global economy. Some services have actually already been choked off and there should be a way for us to find an initiative that integrates the security goals which we subscribe to, and also at the exact same time, permit financial intermediation such as trade financing, transfers of revenues, debt payments, et cetera, to continue. Finally, security. The small states of the Caribbean discover it very difficult to contend with global crime connected to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has done an impressive job in supporting these countries, but I believe there is space to do more in the interest of our shared security. Security nowadays can just be defined as international and can just be reacted to by cooperation amongst nations. Fourthly, in the trade area there are some good legislation in location for trade. Nevertheless, much of the Caribbean countries are now service oriented nations and we require to take a floating week timeshare definition look at possibilities for promoting mutual and useful 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 and in the U.S - How to finance a private car sale.
The Caribbean countries are seaside societies. Facilities, economic activity, population, the building environment are all concentrated on a narrow strip on the coast, even for those countries which are not islands, for instance, Belize and Guyana. It suggests that they are amongst the most vulnerable countries to environment change. More resources need to be made offered in a more accessible method to alleviate environment modification and to help these nations in surviving. And I point particularly to the tourist industry which is seriously reliant on the quality of that instant seaside strip. Finally, energy (What does nav stand for in finance). 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 power which is amongst the highest expense on the planet onto energy in less costly sources. That would rent out your timeshare serve to restore a whole variety of economic activity, consisting of production. How many years can you finance a boat. And I conclude, Mr. Chairman, by stating that all of these are interrelated aspects that need to be addressed. If we might resolve them in one overall effort led by the U.S. and involving the advancement of banks, I believe that they strengthen each other and it is time for a new vibrant effort in U.S. policy towards the Caribbean.
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[The prepared statement of Mr. Bernal follows:] [GRAPHIC( S) NOT 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 avoid 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, but thank you, Chairman Duncan and Ranking Member Sires, for holding this essential hearing. And I don't believe that we can go over U.S.
Venezuela established Petrocaribe in 2005 to help influence lots of nations in the hemisphere and up to this point the technique has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro regime. So it provides 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 very focused on this effort right now since it is in our nationwide security interest to coordinate an energy solution; a technique so that fewer countries in the Western Hemisphere would be reliant on a really undependable Venezuela.
And I believe that we have got to be working with our partners, our allies in the Caribbean to assist them benefit from the abundant and inexpensive natural gas and the new innovative tidy wind and solar technologies readily available. This method we strengthen our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take sensible actions toward minimizing carbon emissions. So the crisis in Venezuela might cause an oil supply disturbance. What impact would such an interruption have on the Caribbean countries? Mr. Bernal. My associates are identified to make sure 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 many Caribbean nations were truly extremely stretched economically and actually needed some help. However, the relationship has its complexities. For example, Venezuela declares a large share of Guyana which belongs to the CARICOM group. It also has actually extended its claims in regards to seaside waters based upon an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of 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 exactly what will happen in the Caribbean with Venezuela.
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Several Caribbean nations are thinking beyond Petrocaribe due to the fact that they do not presume that it will continue in its present kind and they have to be thinking about alternatives. This develops a point in which brand-new efforts, including from the U.S - Which of these arguments might be used by someone who supports strict campaign finance laws?. 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 run down 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 quite with your knowledge and because the Caribbean is incredibly important, I think.
It is actually, you know when you take a look at our hemisphere and we have got to ensure that we strengthen and working together. And I hear my colleagues in regards to specifically Petrocaribe, but I think that the issues that are confronting a lot of the islands-- and I discover, for instance, Mr. Ambassador, you noted Website link as number six in order of top priority the energy crisis, et cetera, in attempting to make certain. So I wish to attempt to discover out as it relates to the islands themselves the important things that are most pressing with them that would assist them total with their economy, since I understand, for instance, you can't simply rely on tourism or you can't simply rely on, you know, they have the diversification of it requires to be there.