 Thank you very much Madam Chair, Honourable Ministers, Your Excellencies, the permanent representatives and ambassadors, distinguished delegates, it is really an honour and a privilege to be reappointed by the General Assembly to the position of Director-General. There are many whom I should like to thank for this and I would ask you to bear with me while I do so. Let me start with you, Madam Chair, and allow me to express my gratitude to you for the skill with which you have conducted the process leading from the nomination of the Coordination Committee to the decision this morning of the General Assembly to confirm that nomination. Let me also thank Ambassador Foday Sek, the Chair of the Coordination Committee for the skill with which he handled the always challenging process of an election before the Coordination Committee. Please allow me to thank the Government of Australia for having supported my nomination for reappointment. I'm grateful in particular to the Minister for Foreign Affairs, the Honourable Julie Bishop and to the Minister for Trade, the Honourable Andrew Robb who led the very able teams from the Department of Foreign Affairs and Trade, from IP Australia, from the Attorney-General's Department who worked for my reappointment. I should like to extend special thanks to the Australian Ambassador to the World Trade Organization, Hamish McCormick, as well as his colleague, the Australian Ambassador to the United Nations in Geneva, Peter Walcott, and to their wonderful teams for their support, for their guidance and for their advice. I would like to thank all Member States for the confidence and trust that you express through this decision. I've always thought that it was a privilege to be able to work in an international organisation and I think to have the opportunity to serve as Chief Executive is an exceptional privilege. Above all, it provides a really extraordinary opportunity to meet and to interact with remarkable people from many different cultures and many different walks of life. I'm grateful to the diplomatic community in Geneva for the support that it extended to me, excuse me, throughout my first term, as well as for its support for my re-election. Those on post in Geneva I think have a difficult task. They have to deal with a vast diversity of subjects, often with less than adequate resources. And despite that heavy charge and despite the specialised technical complexity associated with a specialised subject matter such as intellectual property, throughout my first term, ambassadors and their colleagues have been extremely generous with their time and availability, very indulgent of my failings and shortcomings and always willing to engage and to assist in overcoming difficulties. Please allow me also to thank my colleagues in the Secretariat, so many of whom provided wonderful support and wise advice and all of whom have contributed to what I think is a good record of results in the first in the last six years. And I look forward to continuing to work with them in the course of the next six years. Turning to the future, I believe that the fundamental challenge that we face as an organisation is to achieve a shared understanding of the role and value of intellectual property in economic, social and cultural development. As you all know, better than I, there are many obstacles to achieving that shared understanding. Different competitive interests in an economy in which knowledge and technology intensive industries now account for 30% of global economic output. Asymmetries of wealth of opportunity and knowledge throughout the world. Historical and contemporary trust deficits. And the reality I think of a multi-speed and multi-tiered world in which multilateralism, while being the highest expression of inclusiveness and legitimacy, is also the slowest solution. I believe that the successful conclusion of the Beijing and the Marrakesh treaties show us that it's easier to reach a shared understanding of the value of intellectual property on specific issues, where there's a demonstrable and manageable issue or need for international action, than to achieve that shared understanding across the whole range of intellectual property which now basically underlies all economic and cultural activities. As we go forward on those specific issues, I believe that it will be important that the agenda address the interests of all sides of the multilateral equation. This means I think that the organisation must be able to address, if I may say it in these terms, both the high end and the low end of technology. In concrete terms, for example, it means that the organisation must be able to achieve successful outcomes both on broadcasting, where we have very new technological platforms, and on traditional knowledge, traditional cultural expressions and genetic resources. If we are unable, I think, as an organisation to address the latest technological developments, then we will quite simply become irrelevant to the mainstream of global innovation, and we will not be an innovation organisation at all. But equally, if we are unable to address traditional knowledge systems, I believe the organisation will fail in its mission of universality, and it will not recognise the full scope of intellectual contributions to innovation. Now, I'm conscious that this balance which is at the heart of multilateralism extends well beyond the normative agenda to the whole operations and activities of the organisation, and in this regard, allow me to mention just one other area that recurs in the conversations that I've had with Member States, and that is the question of geographical balance in the Secretariat. The message of the Member States in this regard has come through loud and clear. I think just about every part of the world considers that it is underrepresented in the Secretariat, and a number of parts of the world actually are underrepresented in the Secretariat. We've been working on trying to achieve a better balance in the Secretariat, both geographical balance and gender balance, I might add, and this will, let me assure you, continue to be a priority. But because of the low rate of attrition of staff, radical transformations in this regard are not possible. However, I believe that some slow and steady progress has been made and will continue to be made, and this will continue to be, as I said, a priority. I also consider that it's a question of shared responsibility with the Member States, and I would encourage all Member States to bring vacancies in the Secretariat to the attention of their nationals and to encourage well-quantified professionals to apply for those vacancies. We have plans for increasing the opportunity for persons from different countries to apply for vacancies, and we will unveil those in the coming months, with a view to developing a better geographical and gender balance in the Secretariat. I very much look forward to working with all Member States over the coming mandate. The politics of intellectual property are, in my view, becoming more rather than less challenging. I don't think that that is a disturbing development. Rather, I think it is a natural consequence of the increased value of innovation and intangibles, and of the mission of intellectual property, of finding the right balance between all of the interests that surround the acts of innovation and creativity in our society. I recognise that politics are the primary responsibility of the Member States, however, please allow me to say this heightened level of challenge that we face in this field means that I am going to need a lot of help in the coming years, and I hope that I shall be able to count on the support and the charitable distribution of both the Member States and the staff as we go forward. I look forward to working with you all.