 Let's now let's now move to Korea. We've centered on the transatlantic economy Africa Russia now Korea the Colleagues before have stated that there is the rise of the rise of China for them constitutes a gift in some sense I Think which you move well even said this has given back Morocco economic sovereignty now from a Korean perspective You have you're so close to this giant Chinese economy what are what is your take on it is is this are you regaining economic sovereignty? Are you benefiting from this as the others have said or do you think they the two political tensions that come with the rise of China? Korea sitting in between the United States and and this this Big red dragon is is more of a threat than of an opportunity. I'd like to to hear opinion of this. Okay Thank you very much Let me begin by providing you a Very brief and a quick Overview of Korea's macroeconomic pictures Especially in the global the context Certainly Korea is no exception to the synchronized Global economic slowdown With Korea's Export slowing and the decreasing investment The business investment Korea's economy is substantially growing at Less than robust rate, which is only around two percent as Oliver Lancia alluded both exports and the investments directly and indirectly affected by the global economic slowdown and the Uncertainty and Unpredictability caused by US China trade conflicts Even Bank of Korea now forecast this year's Grows at only around two percent two point two percent I'm very sure the IMF's October outlook will Lower that is earlier Korea's growth of the projection As you must know very well Korea is very highly Global trade dependent country Korea's trade both exports and imports together to GDP Rate is over eighty percent one of the highest in the world. I suppose Only where the Germany Not many countries the trade dependencies are this high And also of nearly 40 percent of Korea's exports Primarily consisting of intermediate goods go to G2 economies 26.8 percent to China and 12 percent to the US Therefore Korea is very much concerned about global economic slowdown and the US China Trade conflict of As you know very well Korea benefited so much from the Existing post war post war the liberal economic order But now We are very much concerned about the demise of that very liberal Multilateralism based world order especially since Ironically the US is leading the breakup of the order With it, Mr. Trump's unilateral American first slogan G2 That is US China Make up 40 percent of global economy Certainly the trade dispute between these two Countries most critical factor for the global economic performance and the breakup of the existing liberal the global order The problem is I'm sure many of you would agree with me in saying that The tank the disputes between these two countries will put a law and What that means is the prolonged the uncertainty and Unpredictability for the global world We all I'm sure you saw the news This morning or last night in Washington DC yesterday China and the US had an Unagreement on their negotiation on the disputes but as expected It was a small deal. It's a not big deal and I for one did not expect Any kind of big deal as possible as Mr. Trump would like to have The reasons I Have why these Tensions of conflicts between these two countries will be prolonged. I have three reasons to give you first the trade dispute The current trade dispute goes well beyond To nations trade relationship It involves Two great powers What you might call hegemonic competition Which is just intensifying second China will not easily give up is Ultimate goal of achieving What is described as China dream? by 2050 and therefore They're not easily give up on their program of made in China 2025 so China being very strategic and the pragmatic Nation and people I'm sure there will be many small this concessions here and there, but I think the conflict will be continued because US primacy in both hard and software powers Will continue at least few decades to come and therefore us will also Will try to exert its Power and project that means that the tension will be continued so for that the For these reasons I I would see the there will be prolonged global uncertainty and Unpredictability and Therefore there will be short supply of public goods Short supply of global public goods and that is free trade environment and stable finance and currency regime Okay, so maybe I will stop here because they will have a second round. Thank you. Thank you very much Looking at the watch. We are already running a short of time, but I and we have many Issues on the table here. Unfortunately. Fortunately this conference takes three days So much of the many of the balls that brought in the game. It can be played later on I would like to come to our image just one second highlight is it's clear that China is a key player and by 2030 China will have the biggest economy and China will be a high-income economy an issue that is debatable now is whether a Bipolar world global order is going to emerge or a multipolar and I want to bring the dimension of Europe if Europe could be economically stronger The global order would be a multipolar which is quite conducive for stability, we know that between World War one and World War two in a period of 25 years. We have had two world wars Now it's 75 years since we have had a war in this nuclear age and and here Europe came with the right solution of Building European Union and and becoming an important global economic power and also the U.S. involvement during the Marshall Plan Post-World War two recovery contributed to this so one key aspect that will have that will shape the future is whether a new Bipolar world or a global order is going to emerge so thank you so much for reminding us Europeans of our important role I think many of us here agree