 Trade blocs seeking to skirt geopolitical risk by French shoring activities to like-minded countries to be careful which commerce partners they favor. This is coming from the World Trade Organization chief Ngozi Okonja-Uwela. U.S. Treasury Secretary Janet Yelling and others have used the term to encourage countries to diversify supply chains away from China to market-oriented democracies such as India. Speaking on the sidelines of the World Economic Forum in Davos, Okonja-Uwela urged caution. Well, I said there are two things about French shoring. One, I said who is a friend. A friend today, you're not so sure there will be a friend tomorrow. We've seen examples of that. So, let's be careful. Second, if we are thinking of building resilience by going out to different friends, let's also include those yes in Africa, why not? I mean, friends should not be just in Asia. There's Latin America. There's Africa. There are countries there that can perfectly be places where you do concentrate manufacturing. You bring them into the global supply chain and that way you also include them. Let's also include those yes in Africa, why not? I mean, friends. And over the 75 years since the GATT, the Global Agreement on Terrorist and Trade, it has delivered. It's brought people out of poverty. It's brought prosperity to a great part of the world, not just China or Asia, but also the U.S. to the EU and the developed countries. So, I always caution, don't throw the baby out with the bathwater. The WTO has rules that don't have been destroyed. If you do it outside, you're in for a free-for-all. And I don't think that would be to the benefit of anyone, not the developed countries, not to talk of what it would mean for emerging markets and developing countries.