The de-risking of the reporter banking relationships are very crucial to the Caribbean since global financial banks have been critical not only to domestic economy however in its link to the worldwide economy. Some services have actually currently been choked off and there must be a way for us to find an effort that combines the security objectives which we register for, and likewise at the same time, enable financial intermediation such as trade funding, transfers of profits, financial obligation payments, et cetera, to continue. Finally, security. The small states of the Caribbean discover it extremely difficult to compete with global criminal offense linked to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.
has done an outstanding job in supporting these nations, but I think there is space to do more in the interest of our shared security. Security these days can just be defined as international and can only be responded to by cooperation amongst countries. Fourthly, in the trade area there are some great legislation in location for trade. Nevertheless, numerous of the Caribbean countries are now service oriented nations and we require to analyze possibilities for promoting mutual and helpful value chains which integrate U.S. and Caribbean in services such as healthcare, education, and back office support. I believe by combining the skills on Capitol Hill with some of the human resources in the Caribbean, these firms can stay competitive both here and in the U.S - What does leverage mean in finance.
The Caribbean countries are coastal societies. Facilities, economic 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 implies that they are amongst the most susceptible countries to climate change. More resources need to be made offered in a more accessible way to mitigate environment modification and to assist these countries in making it through. And I point particularly to the tourist market which is seriously based on the quality of that instant seaside strip. Finally, energy (What does ltm mean 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 electricity which is among the highest cost on the planet onto energy in cheaper sources. That would serve to restore a whole series of financial activity, consisting of production. Which of the following approaches is most suitable for auditing the finance and investment cycle?. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require to be addressed. If we could resolve them in one overall effort led by the U.S. and including the advancement of banks, I believe that they reinforce each other and it is time for a brand-new vibrant initiative 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 a lot for making the effort to be here. Mr. Meeks has concurred we are going to skip over him and go to the previous chairman of the complete 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, but thank you, Chairman Duncan and Ranking Member Sires, for holding this important hearing. And I do not believe that we can go over U.S.
Venezuela established Petrocaribe in 2005 to assist affect many nations in the hemisphere and up to this point the technique has worked. However, now we see the collapse of the Venezuelan economy because of the incompetence of the Maduro program. So it offers the U.S. a chance to fill that void, and this is where we need the State Department and the Department You can find out more of Energy to be incredibly focused on this effort today because it is in our national security interest to collaborate an energy option; a technique so that less nations in the Western Hemisphere would depend on a really undependable Venezuela.
And I believe that we have actually got to be dealing with our partners, our allies in the Caribbean to help them make the most of the plentiful and inexpensive natural gas and the new sophisticated clean wind and solar innovations available. In this manner we strengthen our partners' economies, we buffer the area from the impacts of Venezuelan collapse and take realistic actions towards decreasing carbon emissions. So the crisis in Venezuela might cause an oil supply interruption. What effect would such a disruption have on the Caribbean nations? Mr. Bernal. My associates are determined 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 lots of Caribbean countries were truly very extended economically and truly required some help. However, the relationship has its intricacies. For instance, Venezuela claims a very big floating week timeshare share of Guyana which is a member of the CARICOM group. It likewise has extended its claims in terms of coastal waters based on an island nearly 400 miles away from Venezuela and mainland, so that the relationship is not all the Caribbean benefiting from some monetary support. I think we are at a juncture where the relationship is going to end up being really unforeseeable because of no one understands exactly what will take place in the Caribbean with Venezuela.
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Several Caribbean nations are believing beyond Petrocaribe because they don't assume that it will continue in its present type and they have to be considering options. This develops a point in which new initiatives, including from the U.S - What is a finance charge on a credit card. in energy, would be extremely 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 requiring 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 good to see all of you who, you understand, we trust quite with your competence and due to the fact that the Caribbean is incredibly important, I believe.
It is truly, you know when you look at our hemisphere and we have actually got to ensure that we enhance and working together. And I hear my colleagues in regards to especially Petrocaribe, but I believe that the issues that wesley timeshare exit reviews are facing a great deal of the islands-- and I observe, for instance, Mr. Ambassador, you noted as number 6 in order of priority the energy crisis, et cetera, in attempting to ensure. So I desire to look for out as it refers to the islands themselves the important things that are most pressing with them that would help them general with their economy, since I understand, for example, you can't simply depend upon tourist or you can't just depend upon, you understand, they have the diversity of it requires to be there.