 Okay, thank you Mr. Chairman you raised so important but very difficult question I don't know whether I have answer to that since I'm a trade expert I will say something about the trade area starting with a brief remarks on issues related to the supply chain global supply chain and possibly I want to touch upon the possibility of future world trade governance. I will start with the three major causes for the recent global supply chain restructuring. First as you know very well COVID-19 pandemic and the war between Russia and Ukraine and various sanctions against Russia are causing supply chain disruptions. Second the US measures trade measures based on the national security concerns are also causing supply chain distortions. For example I think you know this very well additional tariffs on steel and aluminum also quarter imposed on South Korean steel export and export control on China for semiconductor and semiconductor equipment distorting trade in those products. Third trade policies based on politically motivated nationalism which prefer domestic production and resuring also causing supply chain restructuring. So all of these affecting international trade and supply chains of global firms. Looking at these development several concerns are emerging. First we notice that countries like the United States which have criticized China for giving heavy government subsidies in specific sectors now provides industrial subsidies to promote their own domestic sector like a semiconductor. According to US Chips and Science Act the US government will provide 52 billion dollars of subsidies in semiconductor sector. This means the industrial policies could be revived in most countries including the United States and probably the EU triggering industrial subsidies competitions among major countries. We worried that this might we might lose the opportunity to reform the rules on industrial subsidies at the WTO. Second some trade policy measures based on national security concerns, green economy or politically motivated nationalism such as those in the US Inflation Reduction Act may violate the WTO rules of MFM principle and the national treatment. For example the IRA include tax credit provisions which discriminate against electric vehicles produced or assembled outside North American region. Regarding these aspects of the US legislation some trade experts including those even in the US are questioning whether US is in support of defending and reforming the rules-based multilateral trading system or simply pushing for anti-China as well as America First policies. The third concern is about the issue of decoupling between the US and China. As you know very well the US economies and many other economies in the world are already deeply interconnected with Chinese economy through many years of globalization and trade therefore it may not be realistic and even infeasible to suddenly cut off all trade between the US and China. I think we should consider limiting the US decoupling from China to a few technologically sensitive sectors which are directly related to national security. Even in the case of semiconductor decoupling should focus on a few technologically advanced chips. Lastly but not least I have another concern which is related to the decoupling issues I have just mentioned. We now know that the Indo-Pacific economic framework participating countries are discussing the content of the agreement of the IPEF proposed by the United States. Of course we do not know the details yet but probably in the second pillar of the Indo-Pacific economic framework there'll be some provisions for supply chain resilience which might exclude China in their supply chain for certain products and materials. If this is the case we can easily expect China to react in one way or another. So trade experts are actually saying that these kind of confrontations between IPEF participating countries and China might be leading to a serious kind of trade war which we are really concerned. Well these are my concerns to share with you as a trade economist I do not see the World Trade Governance we talk about that in the first session particularly the multilateral trading system of the WTO properly deals with these issues these problems. Furthermore no major countries formally raise this concern these days. So in this context I would like to suggest that the WPC participant start to raise appropriate voices. I particularly think that our session is the right place to discuss some ideas about the future global trade governors. I don't provide any specific solutions but I raise the issue. Well I stop here thank you very much. Thank you thank you very very much in detail. It was very very clear and this danger of nationalism introducing its own fragmentation at the global level and also the decoupling between US and China that you mentioned and the potential war the potential trade war is extremely important in our perspective.