The de-risking of the correspondent banking relationships are very essential to the Caribbean because international monetary banks have actually been important not just to domestic economy however in its link to the global economy. Some services have currently been choked off and there should be a way for us to discover an initiative that combines the security goals which we subscribe to, and also at the same time, permit financial intermediation such as trade financing, transfers of earnings, financial obligation payments, et cetera, to continue. Finally, security. The small states of the Caribbean discover it extremely tough to contend with transnational crime connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has actually done an impressive job in supporting these countries, however I believe there is room to do more in the interest of our mutual security. Security these days can just be specified as international and can only be reacted to by cooperation amongst countries. Furthermore, in the trade location there are some good legislation in place for trade. However, much of the Caribbean countries are now service oriented nations and we what happens if you stop paying on a timeshare require to examine possibilities for promoting mutual and helpful worth chains which integrate U.S. and Caribbean in services such as health care, education, and back office support. I believe by combining the skills on Capitol Hill with a few of the human resources in the Caribbean, these companies can stay competitive both here and in the U.S - How to finance a private car sale.
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 nations which are not islands, for example, Belize and Guyana. It implies that they are among the most vulnerable nations to environment change. More resources need to be made available in a more accessible method to reduce climate change and to help these countries in surviving. And I point particularly to the traveler industry which is critically depending on the quality of that immediate coastal strip. Lastly, energy (What is the difference between accounting and 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 electricity which is among the highest cost in the world onto energy in less costly sources. That would serve to revive a whole series of financial activity, including manufacturing. What is internal rate of return in finance. And I conclude, Mr. Chairman, by saying that all of these are interrelated elements that require to be resolved. If we might address them in one total initiative led by the U.S. and involving the development of banks, I believe that they enhance each other and it is time for a new strong effort in U.S. policy towards the Caribbean.
[The prepared statement 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 concurred 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 very 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 important hearing. And I don't think that we can discuss U.S.
Venezuela established Petrocaribe in 2005 to assist affect lots of countries in the hemisphere and as much as this point the method has worked. Nevertheless, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro routine. 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 incredibly concentrated on this effort today because it is in our nationwide security interest to collaborate an energy solution; a method so that fewer countries in the Western Hemisphere would be reliant on an extremely undependable Venezuela.
And I believe that we have actually got to be dealing with our partners, our allies in the Caribbean to assist them take benefit of the Visit the website abundant and cheap gas and the brand-new innovative tidy wind and solar technologies readily available. This way we enhance our partners' economies, we buffer the region from the effects of Venezuelan collapse and take realistic steps toward reducing carbon emissions. So the crisis in Venezuela may cause an oil supply disturbance. What effect would such a disturbance have on the Caribbean countries? Mr. Bernal. My coworkers are figured out to make certain I bring a reasonable 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 numerous Caribbean nations were really very stretched economically and actually needed some support. Nevertheless, the relationship has its intricacies. For example, Venezuela claims a huge share of Guyana which belongs to the CARICOM group. It also has actually extended its claims in regards to coastal waters based upon an island almost 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial support. I believe we are at a juncture where the relationship is going to become extremely unforeseeable because of no one understands precisely what will happen in the Caribbean with Venezuela.
Several Caribbean countries are thinking beyond Petrocaribe because they don't assume that it will continue in its present kind and they have to be considering options. This creates a point in which new initiatives, consisting of from the U.S - How to finance a second home. in energy, would be really welcome in the area. Ms. Ros-Lehtinen. Thank you really much, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking some 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 rely upon extremely much with your proficiency and due to the fact that the Caribbean is exceptionally essential, I think.
It is really, you understand when you look at our hemisphere and we have actually got to make sure that we strengthen and collaborating. And I hear my colleagues in concerns to particularly Petrocaribe, but I think that the issues that are facing a lot of the islands-- and I see, for example, Mr. Ambassador, you noted as number six in order of top priority the energy crisis, et cetera, in attempting to make certain. So I desire to try to find out as it relates to the islands themselves the important things that are most pushing with them that would assist them total with their economy, since I know, for example, you can't just rely on tourist or you can't Click here for more simply depend upon, you understand, they have the diversity of it needs to be there.