The de-risking of the correspondent banking relationships are very crucial to the Caribbean because global financial banks have been vital not only to domestic economy however in its link to the worldwide economy. Some services have currently been choked off and there need to be a method for us to find an effort that combines the security goals which we sign up for, and also at the same time, allow monetary intermediation such as trade financing, transfers of revenues, financial obligation payments, et cetera, to continue. Finally, security. The little states of the Caribbean find it very difficult to compete with global criminal activity connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has actually done an outstanding task in supporting these nations, but I believe there is space to do more in the interest of our mutual security. Security nowadays can only be specified as worldwide and can just be reacted to by cooperation amongst countries. Furthermore, in the trade location there are some excellent legislation in location for trade. Nevertheless, a lot of the Caribbean countries are now service oriented nations and we need to analyze possibilities for promoting mutual and advantageous worth chains which integrate U.S. and Caribbean in services such as health care, education, and back workplace assistance. I think by combining the abilities 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 - What happened to yahoo finance portfolios.
The Caribbean countries are coastal societies. Infrastructure, economic activity, population, the structure environment are all concentrated on a narrow strip on the coast, even for those countries which are not islands, for example, Belize and Guyana. It suggests that they are amongst the most susceptible countries to environment modification. More resources need to be provided in a more accessible method to reduce climate modification timeshare floating week explanation and to help these countries in enduring. And I point especially to the traveler market which is critically dependent on the quality of that instant seaside strip. Lastly, energy (How to owner finance a home). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.
Solar, wind, and Find more information thermal all have possibilities, and to move the production of electrical energy which is among the greatest expense worldwide onto energy in less costly sources. That would serve to restore a whole series of economic activity, consisting of manufacturing. How to finance an investment property. And I conclude, Mr. Chairman, by saying that all of these are interrelated aspects that need to be attended to. If we might resolve them in one total effort led by the U.S. and including the development of banks, I think that they enhance each other and it is time for a brand-new vibrant effort in U.S. policy toward the Caribbean.
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[The ready declaration 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 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 quite 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 talk about U.S.
Venezuela established Petrocaribe in 2005 to help influence numerous countries in the hemisphere and approximately this point the strategy has actually worked. Nevertheless, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro routine. So it offers the U.S. an opportunity to fill that void, and this is where we need the State Department and the Department of Energy to be incredibly focused on this effort right now due to the fact that it remains in our national security interest to coordinate an energy option; a strategy so that fewer countries in the Western Hemisphere would depend on a very unreliable Venezuela.
And I think that we have got to be working with our partners, our allies in the Caribbean to assist them benefit from the abundant and cheap gas and the new sophisticated clean wind and solar innovations available. This way we strengthen our partners' economies, we buffer the area from the effects of Venezuelan collapse and take sensible actions towards reducing carbon emissions. So the crisis in Venezuela may cause an oil supply disturbance. What impact would such a disturbance have on the Caribbean nations? Mr. Bernal. My colleagues are determined to make sure 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 lots of Caribbean countries were actually very extended financially and actually needed some assistance. Nevertheless, the relationship has its intricacies. For instance, Venezuela declares a very large share of Guyana which belongs to the CARICOM group. It likewise has actually extended its claims in terms of coastal waters based on an island practically 400 miles far from Venezuela and mainland, so that the relationship is not all the Caribbean gaining from some monetary assistance. I think we are at a juncture where the relationship is going wesley mortgage to become very unforeseeable due to the fact that of nobody understands precisely what will take place in the Caribbean with Venezuela.
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Several Caribbean nations are believing 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 creates a juncture in which new efforts, including from the U.S - What is a consumer finance account. in energy, would be extremely 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 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 great to see all of you who, you understand, we trust quite with your competence and since the Caribbean is very crucial, I believe.
It is really, you understand when you take a look at our hemisphere and we have got to ensure that we strengthen and working together. And I hear my coworkers in regards to specifically Petrocaribe, however I think that the concerns that are confronting a lot 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 attempting to make certain. So I wish to search for out as it relates to the islands themselves the things that are most pressing with them that would help them overall with their economy, because I know, for instance, you can't just rely on tourism or you can't just rely on, you understand, they have the diversity of it needs to be there.