 Thank you so much, Conel. And I will dissent that it was dissenting because it's really the reality of the matter. If you look at the sectors, I show green-field investment that mostly go into productive sector. In developing countries, this will affect mostly manufacturing, more than 2-3rd will be manufacturing or manufacturing-related sectors. In developed countries, we know developed countries are services economies, so three-quarters will be the services sectors and then manufacturing, and the impact on agriculture will be minimal. So it's important. And it's something that we address in the policy chapter of the report, and it's a valid point related to the institutional point that Yucca raised, the issue that the adjustment can be very costly if the assessment is not done properly and then if the implementation is not properly. So we need more research. Yucca said the research is very thin, and we experienced that when doing the work, when doing the work with Michael. Most of the work has been done for advanced countries, the U.S. and few European countries. So we hope we can partner more in the process, in the road to our implementation, if I think we need to work more closely with academia in this setting, especially for developing at least developed countries. I will not take more time. I think we have some time to open the floor for questions. Later, perhaps we can have one or two minutes to come back if you want to make an additional point. So if there is any question from the floor, please tell us to which panel the question is addressed. There are many students here that I'm sure have many questions. Hello, and thank you. I know you gave the disclaimer at the beginning, Amelia, that you didn't have analysis on distributional impact, but given that it's an inequality conference, I was wondering whether any of you have any thoughts, any insights on what the distributional impacts of this could be. Thanks. So from my side, I'm Carlos Grading, you know why the researcher. My question would be in terms of the impact of this new tax minimum on developing countries, maybe identify, so what are your expectations in terms of what countries, specific countries would be given the history or the possibilities to attract more investment or not or use other, compensate maybe the higher taxes with other ways of attracting foreign investment. What countries would you think are benefiting the most from this minimum tax and what countries are those that will be worsened, see worsening their situation? And maybe in particular, Colombia, what do you think about Colombia? Do you want to take the distributional question? I mean, you can go first. Okay, well, I mean in terms of the channels, I mean we have done previously other analysis on general impact of the FDI on development and one of them is through the gender, through the gender mechanism, how multinationals affect gender policies and practices and different aspects of the labor market. But the labor market is the entry point here to analyze in addition to other structural factors as Juca said. As I said at the beginning, the purpose, the entry point of onto into this analysis was to see what are the implications for countries that will need to change the rules of game. And the playing field will change for developing countries, so what they need to do in terms of investment policy adjustment, fiscal policy adjustment to adapt to this new environment. But I do agree that in terms of the distributional impact, we'll have to look at what we do in terms of the general FDI and development FDI and growth to look at the labor market, especially the labor market channel. As I said, we did some work, we're not in the context of the tax reform on multinational and gender and there is the technology, the mechanism, the learning, the case of Costa Rica, for example, there is a positive spillover into the local economy from multinationals. There is the competition effect and there is the value chain effect, for example, in the case of Bangladesh that women with female managers tend to advance more in the labor market. So there are mechanisms there that perhaps we can use those as a starting point where there is data, because again, there is the issue, we need to be conscious of the data and the knowledge, the local knowledge, but I do agree that that will be the next step after we solve the puzzles of how they curve out, what is the optimal level, how will be calculated and then how will be implemented and what will be the new incentive package of developing countries. Just very briefly on the distributional impacts, of course, what also matters is the, what happens with the revenue and that could actually have greater impacts on, so if it's used on quality services or social cash transfers, then I mean the distributional impacts can very well be quite progressive even if some of the workers would not benefit because of the incidents that I brought. No, I agree with what you said, I think the question is that, you know, the problem here is that there is a, and this is what Carlos said, it was a very important work that Carlos is doing, the across-country inequality and within-country, right, there are two different issues as we know from what we heard yesterday in the policy tenor, and I think it's not obvious which way inequality will go both across and within-country, right. I mean within-country one would assume as we were saying it could be progressive in this because of use of tax revenues or quality services and so on, across-country it's not obvious because we don't show how exactly investment is going to, in many spots will be to the global minimum tax and where exactly will they go for, as I said, if it is a, the concern is that they move away from the balance issues of the world or the capabilities of the world, then there's a concern that, you know, this will lead to higher across-country inequality and I am a little bit concerned about that. Before I give the floor to Columbia to add, I will give the, and I think this is the issue. I mean, we know that there will be divestments from between low and high tax countries, but then link to your question which countries, developing countries, will that affect, as we saw, this affect around 70% of productive investment, foreign investment in developing countries and in countries like, in regions like Africa will be around 90%. So we are talking about that those countries where 90% of export-oriented, productive-oriented investment relies on these multinationals, changing the, the playing field will have its implications. As I said, our estimations are conservative globally between two, around 2% on the negative impact, but you're right, it might be different depending on the country and depending on the circumstances. Luis mentioned that the difference between the effective and the statutory is not that big. So perhaps you can elaborate a little bit more in the case of Columbia. No, this is for 2021. This is different information that you show for 1970, but the source of these effective rights is from U.S. Treasury and the U.O.C.D. community. Let me, let me refer to some point about the question. Really, in practice, attract foreign investment through the taxes, through the rates, and through the venues is very difficult and has an important restriction, which is the revenues, the need for the government to finance these expenditures. Really, for the Colombian government, it's difficult because 40% of the total tax revenue comes from the companies. And it's impossible to substitute with natural persons or consumption taxes. And this is not for, this is a hard restriction. Really, today in the Congress is voting the new tax reform. In this tax reform, the taxes for some companies, for instance, for the meaning oil companies, the tax are co-op. And some benefits that I described in the slides are reducing. In practice, the tools for tax competition are to attract investment for the government is no easy really. Thank you so much. Any other comment, question? Yes. Yes, for Ignacio, I will let you know what is your opinion about the current Colombian tax reform project and its possible impact on foreign investment. Yes, because one of the purposes is to eliminate many benefits, tax benefits for companies. So maybe you have any analysis? Okay, good morning. I think it was Ignacio who said that the tax, the reduction, no, the, well, this restriction in the taxes is a second order factor that affects investment. So I believe in Colombia, maybe one of the main factors that could affect the foreign direct investment, it is the wages flexibility because as it has been discussed to these days, the flexibility in the wages here is very low. There are a lot of restrictions and as I understand it, when a foreign company comes to Colombia, a foreign company, I suppose it is mainly formal. So there will be completely affected by the restrictions in the lower market that we have here. I don't know if this, apart from that, there are infrastructures like how are the states of the streets and a lot of other things that can explain the direct investment. So I don't know if this has also extended to another measures or if this will only try to take investment from offshore countries to other countries or if these have, I don't know, use it other areas that also affect investment. Thank you so much. That's, I think, very, very valid question because as Kunal said, there are important determinants of FDI. What drives FDI into, I mean, there is efficiency seeking, there is market seeking FDI. There are different motives what FDI moves into what multinationals invest into other countries and those that you mentioned are fundamentals, is the labor force, the quality of institutions, the infrastructure. Those add or attract to the cause of having FDI into a country. In terms of this reform, the reform concerns the corporate income tax, the tax paid by multinationals. It does not cover other incentives, but it will have an impact because countries will have to rely more and have to upgrade the national base to attract FDI given that tax is not enough, tax competition will not be enough. But we are completely right and that complements the common on Kunal and the fundamentals of the country and to attract foreign direct investment. I will stop here. I know that there is launch and there are other sessions after, but I will give the panel one minute each of 50 seconds, 30 seconds. If you want to finalize or to answer his question. Maybe give us your answer for the question. Thank you very much. Really, it is a preliminary exercise. We can omit or exclude variables for the labor market that is important, institutional variables that are important. Really, I try to do some crucial factors according to the theory of the long term growth. Now that you have a microphone, 30 seconds close to remarks. No, this page here. No, nothing to add really. I mean, I mean, it will be, this is, this is super useful work, but what you have done and hopefully you will be following up now closely when it starts to be implemented. So, looking forward to further reports. Thank you so much and it's important to read that why there has done national papers on the issue that we can look at and use as a basis. Kunal, 30 seconds. I just think that, you know, the agenda that Amelia and the UNTAC report has set forward is very important and very important here in this, I think there are many students here, I think. And, you know, because there are really great research topics from all these questions, right, which we are, which we are trying to grapple with, you know, issues about distribution questions, about growth versus, you know, what the minimum tax due to economic growth versus inequality at this country level, you know, institutions and so on. All these are really important questions and which, you know, we, I think the literature FDI, this is again coming from a non-tax perspective, the little FDI and its implications, development implications kind of stopped a little bit. We haven't seen the kind of work we earlier saw earlier. This has been really good work. So, maybe this is a different approach at an entry point, thinking about how does the minimum tax and tax exchange itself affect the sort of overall development question. So, that would be really great if some of you start thinking about research topics. There's now very good micro data on FDI from many countries and think about this in a concrete and pretty good way because that's what I think we need. We don't have yet an evidence base to answer this question. There was more than 30 seconds earlier. Sorry. Thank you so much. You gave us research idea and some tweets. Thank you very much and thank you for coming to the session.