The de-risking of the reporter banking relationships are really important to the Caribbean due to the fact that global monetary banks have been crucial not only to domestic economy but in its link to the worldwide economy. Some services have actually already been choked off and there should be a method for us to discover an effort that integrates the security goals which we subscribe to, and likewise at the same time, allow monetary intermediation such as trade funding, transfers of revenues, debt payments, et cetera, to continue. Third, security. The small states of the Caribbean discover it extremely tough to contend with global crime connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has actually done an outstanding job in supporting these countries, but I think there is space to do more in the interest of our mutual security. Security nowadays can just be specified as worldwide and can only be responded to by cooperation among countries. Fourthly, in the trade location there are some excellent legislation in location for trade. However, much of the Caribbean nations are now service oriented countries and we need to analyze possibilities for promoting shared and advantageous value chains which combine U.S. and Caribbean in services such as health care, education, and back office assistance. I think by integrating the abilities on Capitol Hill with some of the human resources in the Caribbean, these firms can remain competitive both here and in the U.S - What was the reconstruction finance corporation.
The Caribbean nations are coastal societies. Infrastructure, financial activity, population, the structure environment are all concentrated on a narrow strip on the coast, even for those nations which are not islands, for instance, Belize and Guyana. It indicates that they are amongst the most susceptible nations to environment modification. More resources require to be offered in a more accessible method to mitigate climate modification and to assist these nations in surviving. And I point especially to the traveler market which is seriously based on the quality of that immediate coastal strip. Lastly, 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 move the production of electricity which is among the greatest expense worldwide onto energy in cheaper sources. That would serve to revive an entire series of economic activity, consisting of production. What does ach stand for in finance. 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 including the development of banks, I think how do you get out of a timeshare contract that they enhance each other and it is time for a brand-new strong effort in U.S. policy towards the Caribbean.
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[The prepared statement 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 Go to the website has concurred we are going to skip 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 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 essential hearing. And I do not believe that we can talk about U.S.
Venezuela developed Petrocaribe in 2005 to help affect many countries in the hemisphere and approximately this point the method has actually worked. However, now we see the collapse of the Venezuelan economy since of the incompetence of the Maduro program. So it provides 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 very concentrated on this effort right now because it remains in our national security interest to collaborate an energy solution; a strategy so that fewer nations in the Western Hemisphere would depend on a very undependable Venezuela.
And I believe that we have actually got to be dealing with our partners, our allies in the Caribbean to help them benefit from the abundant and cheap natural gas and the brand-new advanced clean wind and solar innovations offered. This way we strengthen our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take practical actions toward minimizing carbon emissions. So the crisis in Venezuela may cause an oil supply interruption. What impact would such an interruption have on the Caribbean countries? Mr. Bernal. My associates are determined to make sure I bring a fair 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 nations were truly extremely stretched economically and actually needed some support. Nevertheless, the relationship has its intricacies. For example, Venezuela declares a huge share of Guyana which is a member of the CARICOM group. It also has actually extended its claims in terms of seaside waters based upon an island nearly 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some monetary support. I believe we are at a point where the relationship is going to end up being extremely unforeseeable because of no one understands exactly what will occur in the Caribbean with Venezuela.
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A number of Caribbean countries are believing beyond Petrocaribe since they don't presume that it will continue in its present type and they need to be believing of alternatives. This develops a juncture in which brand-new initiatives, including from the U.S - Trade credit may be used to finance a major part of a firm's working capital when. in energy, would be very welcome in the region. Ms. Ros-Lehtinen. Thank you quite, Mr. Chairman and Ranking Member Sires. Thank you. Mr. Duncan. Well, thank you. Thanks for taking 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 excellent to see all of you who, you understand, we trust really much with your competence and because the Caribbean is exceptionally crucial, I think.
It is truly, you understand when you take a look at our hemisphere and we have got to make certain that we reinforce and working together. And I hear my associates in concerns to especially Petrocaribe, however I think that the concerns that are confronting a great deal of the islands-- and I notice, for instance, Mr. Ambassador, you noted as number 6 in order of concern the energy crisis, et cetera, in trying to make certain. So I want to search for out as it relates to the islands themselves the things that are most pushing with them that would help them overall with their economy, since I understand, for instance, you can't just depend upon tourism or you can't just rely on, you know, they have the diversity of it requires to be there.