The de-risking of the reporter banking relationships are really important to the Discover more Caribbean due to the fact that worldwide 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 find an effort that combines the security goals which we subscribe to, and also at the very same time, permit financial intermediation such as trade financing, transfers of revenues, debt payments, et cetera, to continue. Thirdly, security. The small states of the Caribbean discover it very hard to contend with global criminal activity linked to narcotics trafficking, international terrorism, cybersecurity, et cetera.
has done an impressive job in supporting these countries, however I think there is room to do more in the interest of our shared security. Security nowadays can only be defined as worldwide and can just be reacted to by cooperation amongst countries. Furthermore, in the trade area there are some good legislation in location for trade. However, a number of the Caribbean countries are now service oriented countries and we need to analyze possibilities for promoting mutual and beneficial value chains which integrate U.S. and Caribbean in services such as healthcare, education, and back office assistance. I believe by integrating the abilities on Capitol Hill with a few of the personnels in the Caribbean, these firms can remain competitive both here and in the U.S - What does ltm mean in finance.
The Caribbean countries 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 indicates that they are among the most vulnerable nations to environment modification. More resources need to be provided in a more available way to reduce climate modification and to help these nations in enduring. And I point particularly to the tourist market which is seriously depending on the quality of that instant seaside strip. Finally, energy (Why are you interested 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 energy which is amongst the highest expense in the world onto energy in less costly sources. That would serve to restore an entire series of financial activity, consisting of manufacturing. Which of these arguments might be used by someone who supports strict campaign finance laws?. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that need to be dealt with. If we might address them in one general initiative led by the U.S. and involving the advancement of banks, I think that they strengthen each other and it is time for a new strong effort 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 selling a timeshare in mexico you a lot for making the effort to be here. Mr. Meeks has actually agreed 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 really 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 do not believe that we can discuss U.S.
Venezuela established Petrocaribe in 2005 to help influence numerous countries in the hemisphere and as much as this point the strategy has actually worked. However, 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 void, and this is where we require the State Department and the Department of Energy to be incredibly concentrated on this effort today since it remains in our national security interest to collaborate an energy option; a method so that less nations in the Western Hemisphere would depend on a really unreliable Venezuela.
And I think that we have got to be dealing with our partners, our allies in the Caribbean to help them make the most of the plentiful and inexpensive gas and the brand-new sophisticated tidy wind and solar technologies offered. By doing this we reinforce our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take sensible steps towards decreasing carbon emissions. So the crisis in Venezuela may trigger an oil supply interruption. What effect would such an interruption have on the Caribbean nations? Mr. Bernal. My coworkers are identified to make certain I carry a fair 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 countries were really extremely extended financially and really required some assistance. However, the relationship has its intricacies. For example, Venezuela declares a large share of Guyana which is a member of the CARICOM group. It also has extended its claims in regards to seaside waters based on an island practically 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some financial backing. I think we are at a point where the relationship is going to end up being really unpredictable since of nobody knows precisely what will occur in the Caribbean with Venezuela.
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Numerous Caribbean nations are believing beyond Petrocaribe because they do not assume that it will continue in its present form and they have to be thinking about options. This develops a point in which brand-new efforts, consisting of from the U.S - What is the difference between accounting and finance. in energy, would be very welcome in the area. 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 know, we rely upon extremely much with your expertise and since the Caribbean is incredibly essential, I think.
It is really, you understand when you take a look at our hemisphere and we have got to ensure that we enhance and working together. And I hear my associates in concerns to particularly Petrocaribe, however I think that the concerns that are facing a great deal of the islands-- and I see, for example, Mr. Ambassador, you listed as number 6 in order of concern the energy crisis, et cetera, in trying to ensure. So I desire to try to discover out as it refers to the islands themselves the important things that are most pushing with them that would help them general with their economy, since I understand, for example, you can't just rely on tourist or you can't simply rely on, you know, they have the diversity of it requires to be there.