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The de-risking of the reporter banking relationships are extremely crucial to the Caribbean due to the fact that worldwide monetary banks have been important not just to domestic economy however in its link to the international economy. Some services have already been choked off and there should be a method for us to discover an initiative that combines the security objectives which we register for, and also at the very same time, enable 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 difficult to compete with multinational criminal offense connected to narcotics trafficking, worldwide terrorism, cybersecurity, et cetera.

has actually done an impressive job in supporting these nations, but I think there is room to do more in the interest of our mutual security. Security nowadays can only be defined as international and can just be responded to by cooperation amongst countries. Fourthly, in the trade area there are some excellent legislation in location for trade. Nevertheless, a number of the Caribbean nations are now service oriented nations and we require to analyze possibilities for promoting shared and useful value chains which combine U.S. and Caribbean in services such as health care, education, and back office support. I think by integrating the skills on Capitol Hill with a few of the personnels in the Caribbean, these firms can stay competitive both here and in the U.S - What is a finance charge on a credit card.

The Caribbean countries are seaside societies. Infrastructure, financial activity, population, the structure environment are all focused on a narrow strip on the coast, even for those countries which are not islands, for example, Belize and Guyana. It implies that they are amongst the most susceptible countries to environment change. More resources require to be made readily available in a more accessible method to reduce environment change and to help these countries in surviving. And I point particularly to the traveler industry which is seriously based on the quality of that immediate seaside strip. Lastly, energy (How many years can you finance a boat). The Caribbean, bar the exceptions of Trinidad and Tobago, depend greatly on importation of energy.

Solar, wind, and thermal all have possibilities, and to shift the production of electrical energy which is amongst the highest cost worldwide onto energy in more economical sources. That would serve to revive an entire variety of economic activity, consisting of manufacturing. Trade credit may be used to finance a major part of a firm's working capital when. And I conclude, Mr. Chairman, by stating that all of these are interrelated elements that require to be dealt with. If we could address them in one total initiative led by the U.S. and including the advancement of monetary institutions, I think that they enhance each other and it is time for a brand-new bold effort in U.S. policy towards the Caribbean.

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[The prepared statement of Mr. Bernal follows:] [GRAPHIC( S) NOT READILY AVAILABLE IN TIFF FORMAT] ---------- Mr. Duncan. Well, thank you a lot for making the effort to be here. Mr. Meeks has actually 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 quite and I say sorry for 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 crucial hearing. And I don't believe that we can go over U.S.

Venezuela established Petrocaribe in 2005 to assist influence lots of countries in the hemisphere and as much as this point the technique has worked. Nevertheless, now we see the collapse of the Venezuelan economy due to the fact that of the incompetence of the Maduro routine. So it gives the U.S. an opportunity to fill that space, and this is where we need the State Department and the Department of Energy to be incredibly focused on this effort today due to the fact that it is in our national security interest to coordinate an energy service; a method so that fewer nations in the Western Hemisphere would be reliant on a very unreliable Venezuela.

And I believe that we have got to be working with our partners, our allies in the Caribbean to help them take benefit of the abundant and cheap natural gas and the new advanced clean wind and solar innovations offered. This method we enhance our partners' economies, we buffer the region from the impacts of Venezuelan collapse and take sensible actions toward decreasing carbon emissions. So the crisis in Venezuela might foreclosure on a timeshare trigger an oil supply disruption. What impact would such an interruption have on the Caribbean countries? Mr. Bernal. My colleagues are figured out to make sure I carry a reasonable share of the load.

Thank you for that. The relationship with Venezuela is a long and complicated one. Venezuela how to cancel a timeshare contract started the Petrocaribe at a time when lots of Caribbean nations were actually very extended financially and really required some help. However, the relationship has its complexities. For instance, Venezuela declares a huge share of Guyana which is a member of the CARICOM group. It likewise has actually extended its claims in regards to seaside waters based upon 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 believe we are at a juncture where the relationship is going to become very unpredictable because of nobody understands exactly what will happen in the Caribbean with Venezuela.

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Numerous Caribbean countries are believing beyond Petrocaribe because they don't presume that it will continue in its present form and they need to be thinking about alternatives. This creates a juncture in which brand-new efforts, including from the U.S - How to finance a home addition. 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 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 trust quite with your expertise and since the Caribbean is incredibly essential, I believe.

It is really, you understand when you take a look at our hemisphere and we have got to make sure that we strengthen and collaborating. And I hear my coworkers in regards to especially Petrocaribe, however I think that the issues that are confronting a lot of the islands-- and I notice, for example, Mr. Ambassador, you noted as number 6 in order of top priority the energy crisis, et cetera, in trying to make sure. So I wish to search for out as it relates 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 instance, you can't just rely on tourist or you can't simply depend upon, you understand, they have the diversification of it requires to be there.