The de-risking of the correspondent banking relationships are extremely essential to the Caribbean because international monetary banks have been critical not only to domestic economy but in its link to the international economy. Some services have already been choked off and there need to be a method for us to find an initiative that combines the security objectives which we sign up for, and also at the very same time, allow financial intermediation such as trade funding, transfers of revenues, financial obligation payments, et cetera, to continue. Thirdly, security. The small states of the Caribbean find it extremely challenging to compete with multinational criminal offense connected to narcotics trafficking, global terrorism, cybersecurity, et cetera.
has actually done an exceptional task in supporting these countries, but I believe there is room to do more in the interest of our mutual security. Security these days can only be specified as international and can only be reacted to by cooperation among countries. Furthermore, in the trade area there are some good legislation in place for trade. Nevertheless, much of the Caribbean nations are now service oriented nations and we need to analyze possibilities for promoting mutual and useful worth chains which integrate U.S. and Caribbean in services such as healthcare, education, and back office assistance. I think by integrating the skills on Capitol Hill with some of the human resources in the Caribbean, these companies can remain competitive both here and in the U.S - What are the two ways government can finance a budget deficit?.
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 instance, Belize and Guyana. It suggests that they are amongst the most susceptible nations to environment modification. More resources need to be offered in a more available method to alleviate environment change and to assist these nations in surviving. And I point especially to the traveler industry which is seriously based on the quality of that immediate coastal strip. Finally, energy (What is a consumer finance account). The Caribbean, bar the exceptions of Trinidad and Tobago, depend heavily on importation of energy.
Solar, wind, and thermal all have possibilities, and to move the production of electricity which is among the highest expense worldwide onto energy in less costly sources. That would serve to restore an entire series of economic activity, consisting of production. How long can you finance a camper. And I conclude, Mr. Chairman, by stating that all of these are interrelated aspects that require to be resolved. If we might address them in one general 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 brand-new bold effort in U.S. policy towards the Caribbean.
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[The ready declaration of Mr. Bernal follows:] [GRAPHIC( S) NOT OFFERED 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 full 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, however thank you, Chairman Duncan and Ranking Member Sires, for holding this crucial hearing. And I don't think that we can talk about U.S.
Venezuela established Petrocaribe in 2005 to assist influence numerous countries in the hemisphere and up to this point the technique has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro routine. So it offers the U.S. a chance to fill that space, and this is where we require 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 coordinate an energy solution; a method so that less nations in the Western Hemisphere would depend on an extremely unreliable Venezuela.
And I think that we have got to be working with our partners, our allies in the Caribbean to assist them take advantage of the abundant and cheap natural gas and the new sophisticated tidy wind and solar innovations offered. By doing this we strengthen our partners' economies, we buffer the area from the effects of Venezuelan collapse and take practical actions toward lowering carbon emissions. So the crisis in Venezuela may trigger an oil supply disturbance. What effect would such an interruption have on the Caribbean countries? Mr. Bernal. My associates are timeshare resale scam identified to ensure I carry a reasonable share of the load.
Thank you for that. The relationship with Venezuela is a long and complicated one. Venezuela initiated the Petrocaribe at a time when numerous Caribbean countries were actually very stretched financially and truly required some support. However, the relationship has its intricacies. For instance, Venezuela claims a large share of Guyana which is a member of the CARICOM group. It likewise has extended its claims in terms of coastal waters based upon an island almost 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean taking advantage of some financial backing. I believe we are at a point where the relationship is going to become very unpredictable because of no one knows exactly what will occur in the Caribbean with Venezuela.
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A number of Caribbean nations are thinking beyond Petrocaribe due to the fact that they do not presume that it will continue in its present type and they need to be considering alternatives. This creates a point in which new initiatives, including from the U.S - How to find the finance charge. in energy, would be extremely welcome in the region. Ms. Ros-Lehtinen. Thank you extremely much, 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 understand, we rely upon quite with your knowledge and since the Caribbean More help is very important, I believe.
It is actually, you know when you take a look at our hemisphere and we have actually got to make certain that we enhance and working together. And I hear my colleagues in concerns to especially Petrocaribe, however I think that the issues that are confronting a great deal of the islands-- and I notice, for example, Mr. Ambassador, you listed as number six in order of top priority the energy crisis, et cetera, in attempting to make sure. So I desire to search for out as it relates to the islands themselves the things that are most pressing with them that would assist them overall with their economy, because I know, for example, you can't simply depend upon tourist or you can't just rely on, you know, they have the diversification of it needs to be there.