 Hello, and thank you very much for joining this panel of the world economics forum on the future of the international trading system Well, the international trading system over the many decades since World War two has delivered unprecedented prosperity and growth To many of the world's nations and yet in the last few years that has sustained shock after shock We've had Britain's exit from the European Union We've had the World Trade Organization paralyzed by disputes centered on its largest member of the United States and more broadly the world has seen a significant pullback from globalization and the origins of this backlash are multifaceted some of it reflects unhappiness with the inequality that's been fostered by free movement of good services and people some of it relayed reflects and you found appreciation or Value placed on sovereignty and borders and discomfort with Vast movements of people and then in the last year we've had the pandemic which of course led to higher Borders closing to people restrictions on exports of important medical goods and More recently vaccine nationalism The challenge facing the world right now is how do you read? How do we retrieve and restore the great things about the international trade system while also taking appropriate? Response to some of these concerns that have led to that have fueled the backlash in recent months We're joined today by several excellent panelists discuss this topic with me Secretary of State of Trade of the United Kingdom Elizabeth trust That's CEO and chairman of the executive board of Germany's Merck company Stefan Oshman we hopefully will be joined soon by the Netherlands Minister of Trade Sigrid Koch Regrettably Paulo Guedes the Minister of Economy of Brazil had to cancel and will not be joining us The secretary trust let me start with you Britain is now on its own It's left the European Union a healthy and vigorous world trade organization is more important than ever To the UK what in your view are the priorities for reforming the WTO? especially given the challenge that it faced under the previous US administration Well, the fact is that the global trading system has been troubled for some time and Particularly as we are seeking to recover from the coronavirus is vitally important that we resist protectionism But we promote free and fair trade at the same time and the United Kingdom is keen to work with other Countries who share the same approach and share the support for the rules-based international trading system and President Biden has Today come out with a statement of support for WTO reform He's indicated a desire to work Multilaterally to deal with some of these issues and I think the United Kingdom has a big opportunity this year first of all because we are now an independent trading nation with a Independence seat at the World Trade Organization We also got the presidency of the G7 Well, one of our priorities is promoting free and fair trade and we're also the president of COP and of course Environmental trade is a very important issue for the United Kingdom. So we want to Show by example what we're doing so the new UK global tariff is lower greener and simpler Than its forebears. We have struck Continuity agreements covering 63 countries plus secured a deal with the EU That means that 64% of the UK's trade is now covered by preferential trade agreements And we're also working towards accession of the comprehensive and progressive Trans-Pacific partnership, but alongside those bilateral and plural actual Arrangements the UK does want to see World Trade Organization reform. So what does that mean? First of all, it means sorting out the appointment of the new director general It means dealing with some of the long unresolved issues at the WTO the dispute settlement mechanism For example, we need to get resolved big countries small countries need to understand that they're going to be treated fairly Under the WTO system and that the rules will be impartially enforced We also need to face up to the fact that WTO rules haven't significantly changed since 1995 And of course since then we've had a huge digital revolution That revolution has only been Accelerated by what we've seen during the pandemic. So the WTO desperately needs new digital rules to operate So that we can catch up With the way trade has changed and the final point that I want to make is around subsidies and state-owned enterprises Which can undermine genuine free trade and Greg you talked about People losing trust of globalization. I think one of the reasons is that people can see things are unfair That if state-owned enterprises are able to subsidize and be able to undermine Free enterprise economies, then that can destroy trust In trade so we are keen to see first of all the rules enforced a proper transparency Around subsidies, but also bringing in new rules where they are needed to tackle these issues And the United Kingdom is keen to work with those leading in this area Notably Japan the US and the EU To see change to that system. I do think that we've got a unique opportunity in 2021 The ministers of the WTO have now not met for three years I hope that the MC 12 conference will be in December this year And I think we've got a real opportunity Over the next 12 months to build up a real program and perform get support for that both in the developed and developing world and Reset the global trading system so that the works for all of our citizens Thank you very much. I'm Mr. Oshman. I'll turn to you now I mean as the head of one of the largest life sciences companies in Europe Free trade and inputs and outputs is very important to you And yet we're seeing the world going in the opposite direction since the arrival of the pandemic with increased pressure on countries to restrict the supply of Essential medical and pharmaceutical inputs to their own people just this week The European Union indicated that it would ask for notification before finished vaccines were exported And there are concerns. This might actually lead to back export restrictions What are your thoughts on the risks of these policies and how should we? deal with them I Would say thank you very much. I would say it actually feels Great to be here with leaders who committed to making our global trading system part of the solution to the pandemic the current pandemic and potentially future pandemics you mentioned the Decision by the EU Commission that was actually published today and our president it move to For export controls and what is called transparency? It's based on technical issues in one in one production site in Belgium. It's a remarkable It's a remarkable move. We've seen disruptions in the in the United States who will be war times act Where actually us companies because we couldn't supply them we couldn't export US companies who would produce abroad could not make vaccine because of these Because of these rules that were actually meant to ensure vaccine supply So Mac I mean our company just to make they would be doing their diversified Science and technology company. We have three businesses bio pharma and we do Also research into COVID therapeutics ourselves our largest businesses our life science truth business There we are a supplier and a partner to the companies and governments that are developing and manufacturing vaccines therapeutics Diagnostics the supply the materials the equipment and consumables necessary for the development and for the manufacture the production of such products such as vaccines and We also share know-how and insights and to help these companies and scientists to do their to do their work as a result of the pandemic our customers are facing Unprecedented pressure and demand has skyrocketed and even as critical inputs are short in supply and Investments to expand manufacturing capacity are urgently needed, but this is expensive, of course, and it takes time Governments initially and recently reacted with policies that in quite a few cases were Counterproductive the pandemic revealed. I think important weaknesses in global value chains Not as it is often reported in the media the question of Globalized supply chains has actually or that that was not an issue really that was something that has actually worked extremely well It is these protective measures that have Wrote about obstacles and the challenges are clear I think we must act to address them so that we can get the vaccines into the arms of as many people as possible and as quickly as possible And I think leadership by trade officials will be important and let me explain why very briefly our customers Whether they're large or small whether they're in developed or in developing countries are like face tariffs of often more than 25% on inputs necessary to make vaccines and diagnostics and this adds Unnecessary cost drives up prices It prevents new companies from entering the market at a time when more Capacity is needed and WTO members should commit to remove all unnecessary tariff costs from health supply chains The members of the Ottawa group including the UK and the Netherlands are working through the EU And have proposed new talks to this end at the WTO And I think this is a great first step and I urge you to ensure that any agreement Cover the full range of medicines and biologics and also the necessary raw materials Consumables and equipment for their R&D and manufacture Thank you very much. Mr. Oshman. Mr. Cog. Well, I heard the Netherlands mentioned in Mr. Oshman's remarks there First of all, could you speak to the wisdom of the European Union's directive on notification of vaccine exports? Is that could this become actual restrictions on vaccines? Is that good or bad? And what are you doing with your? colleagues across the European Union to deal with some of the supply issues and tariff issues that you heard Mr. Oshman raised Well, thank you very much. Yeah, that's you putting me on the spot there I was prepared to speak on the reform of the WTO. I'll get back to that as well. If you don't mind sure. Yeah, we will do that I'll give I'll definitely give you a hand, but I mean I It's true that this afternoon the the Commission just announced, of course the vaccine export authorization mechanism and The aim is to increase transparency in COVID-19 vaccine production in the EU and exports and introduce of course Authorization approach. It's not an export ban. It's very important that I think we emphasize that And it's supposed to apply of course to those countries from companies with whom the EU has concluded what they call advanced Purchased agreements, but it's time-limited only until the end of March and it contains exemptions which I think are very important such as exemptions for humanitarian aid or Exemptions for exports that are destined to countries under the COVAX facility And we'll have to analyze to be honest the full extent of this temporary Regulation the annex at this point So I don't have a detailed comment I can make but you'll also recall that the Netherlands and Sweden Last year at the start of the COVID-19 crisis We're already introducing a draft agreement on essential health goods agreements in order to ensure that markets remain open That we that we work we produce and we have secure supply lines around essential goods across the globe and that we don't fall in the found in the trappings of a protectionist Policies also when it comes to essential health goods and I think the debate is fair and square Of course also on this vaccine in this particular case We have to it's a fine line and I would be dishonest not to suggest that In the Netherlands we're also very keen to ensure that our own population will be inoculated at the right time with the right dosage And that's a political demand. It's a societal amount However, we should not we should be mindful of the needs of so many other countries developing countries That obviously from a health equity and the public health perspective Do need the same measure of access to vaccines Which is why we've also supported covax and covax itself needs more vaccines and it needs significantly more financing I think that's a big challenge too. So we all need to invest in production facilities and ensure that supply lines are left open And that we can we can meet public health goals and Address the issues that have been triggered by COVID-19 Perhaps I could just first make a few points and actually on the original question I was asked to to speak to the reform of WTO and I think if we talk about fixing the international trade system WTO still plays a central part from our perspective The WTO has struggled for 25 years To update its rulebook and of course to bridge the divide between the membership But from our perspective it's sort of now or never for WTO There are three reforms that are significant tackling current societal challenges Restoring the level playing field And reviving multilateralism, but reviving multilateralism is the enabling factor as far as I'm concerned It's the political playing field that needs to help us achieve both substantive response to societal challenges And level playing field from a societal perspective. We need to really work Together to use trade agreements to design ambitious green trade trade policies and sustainable trade agreements That include issues such as labor right very forcefully progress towards the Paris agreement and of course issues of gender equality Over and above the substance of trade and this can be done with other organizations of the UN and ILO But we need the membership to be in agreement around this within the EU France and the Netherlands have Proposed a policy around sustainability and trade and the Paris Accord plays a central role in this regard When on level playing field, I think I can be brief too Of course, we are concerned that we are still slow in achieving that sort of elusive goal It's very clear to us that that China and other countries Need to sort of ramp up their game when it comes to transparency around state subsidies Dealing with issues of forced transfer the forced transfer of technology And of course sustainability across the board Last but not least the status of a country such as China as a developing country You know We beg to differ that this is relevant in this day and age and this is appropriate So from an EU perspective and the Netherlands has supported that we've proposed a phasing out Of this particular status issue now last but not least We consider the EU not only as a value community, but of course, it's also the Largest internal market We are a multilateral player and we heavily rely on the WTO to be efficient transparent and effective So leadership matters in this regard and we look forward Not only to the active return of the United States, but also the appointment of a new director general I believe it may be a she so A heavy burden is placed on her shoulders, but whomever is confirmed That person will be up to the challenge and the membership needs to Enable and to facilitate the decision making to really have an agenda that looks towards the future There's too much time lost On issues of e-commerce the digital economy Around which level playing field plays a role again So I think we we can we can do a lot and I'm aware that The WTO could also Be a trendsetter when it comes to the debate on global economic recovery alongside the IMF or the bank dependent on the mandates and the remit When we're discussing green social and digital transitions. So these are the challenges we see before us and The time is off the essence I'm also appreciative of the opinion piece that was published in foreign affairs by chat brown of the pettison institute and Brown argued that fixing the international trade system It will be key for the Biden administration to win back trust from its allies But winning trust and gaining trust restoring trust is a two-way system from a netherlands perspective And an EU perspective. I believe we very much look forward to teaming up with the biden administration on climate change within a fair international trading system and teaming up also on the shared challenges that we see geopolitically And from a trade From a trade angle. So there will be a new cornerstone. I believe for a new transatlantic engagement corporation and the strong partnership that we've always had with the united states Thank you very much minister secretary to us minister Has mentioned some of the challenges with respect to dealing with china as a developing nation and so on and I know The challenges posed by china has been a common theme that you have addressed many times When it comes to wt reform one of the criticisms of the trump administration was that because it is a consensus Organization is that it is difficult to make fundamental changes to its rules unless everybody agrees How should the uk the united states other market-based democracies proceed? If some of the changes you want for example to china's Use of subsidies are not acceptable to china Is there a case for an alternative forum or arrangement a united front or an alliance of democracies? That moves outside the wto to deal with china specific issues So I I very much concur on the issues and I think some of the behavior by china on areas like forced technology transfer Subsidies by state-owned enterprises and also IP violations Have led to Some of the mistrust in the global trading system and it's in everybody's interest to see the system restored Including china's because if there isn't trust if we have a beg-of-my-neighbor approach of increasing protectionism That will hurt everybody So I think part of the challenge is to make sure that we have full engagement Of all of those who believe in restoring multilateralism including the us including the eu the uk Japan and others and it's very important. We the coalition includes developing As well as developed countries. It's important that we work together to get that change There are also other ways however that we can promote free and fair trade through bilateral and plural actual trade agreements and I think organizations like cpt pp And the development and increased membership of such organizations also puts pressure on the wto to reform Because there have been significant efforts say for a number of years to achieve wto reform and Even areas like fisheries where there have been significant negotiations those negotiations haven't yet concluded So it does need a strong political push from like minded allies But it also needs external pressure as well. I think to reform and of course getting a dge Into the job is absolutely vital But I think the uk can play an important role this year as president of the g7 An organization of democracies to help Flesh out what the approach to some of those reforms is get agreement work also with Developing nations And make progress ahead of the mc-12 conference Which we're expecting to see take place in december Thank you very much. Mr. Oshman. What is your perspective on the difficulties posed by china's role in the trading system? in recent years the european union european Companies including german companies have begun to share some of the same concerns that american companies have long had with respect to Access to the chinese market discriminatory practice with respect to government procurement Uh favorable treatment of state-owned enterprises in their system What are the concerns that you have with respect to the environment in china? And do you worry about these problems being dealt with in a bilateral fashion as the united states have if so What is the preferred mechanism in your view that the western countries deal with those problems? If you've seen in china that the chinese policies of the european companies have been used to The chinese policies of the past Three years i would say have Have changed considerably when it comes to life science, biologics drugs, etc Interestingly, we've seen that the that the chinese government has joined the global bodies on regulatory Regulatory alignment a very very strategic issue in the life sciences industry And we've also seen surprisingly a strengthening of ip protection in in china We should not underestimate the strength of the chinese innovation system. There is a vibrant Innovation ecosystem in china if you look some into some of the hottest technology and science developments cell therapy gene therapy or so You would see that that's something like More than 50 of the experiments worldwide or the clinical trials are conducted in china or by chinese or by chinese companies market access has improved to some degree in the case of Pharmaceuticals, this is really about reimbursement on the national drug list and there was a there used to be a very negative policy in well, very negative. Maybe an overstatement, but a reluctant Reluctance to accept foreign products while chinese products would get approved much faster That is still an issue, but it has It has it has improved My personal view is that the chinese government wants to gain access to the world markets They they have nascent or emerging global players within their own country And these glow and these up and coming global players Want the same rules like uk netherlands or germany-based companies? Would like to have so in our in our field we're seeing a A gradual progress in china in the right direction. I'm not claiming that this is A perfect perfect by any means Thank you. Mr. Koch, let me turn to you. Recently the european union Struck an investment agreement with with china And this was despite a you know a subtle suggestion from jake sullivan at the time of incoming national security advisor for president biden That maybe you wait a little bit and try and find a more common approach with the united states to Actually deal with Commonly held concerns about investment treatment in china What is your response to the? criticism that by going ahead with this deal the european union is actually weakened The rest of the world in terms of establishing common rules of the road in china Well, i mean trade agreements have to serve a purpose And i think it's at the moment still one of the most effective instruments that the european union has in its foreign policy and foreign engagement If we are honest, so one has to apply these very diligently now this agreement, of course has been a few years in the make and negotiations It's no secret that a large number of member states We're trying to emphasize that quality was uh was more important than speed of conclusion This is uh It has been concluded just before the end of the year I can understand and appreciate the american concerns Around the haste or the ultimate haste in what is always a multi-year process um, and one could argue both ways one could have waited until Uh, the formal start of the biden administration or one could have concluded it now um The good news is that there still be a few years before this is finally Ratified because the member states and their parliaments have serious questions and comments, but we need to see the final text One of them is certainly around level playing field Uh, secondly on human rights, uh, and due diligence in the chain and the human rights side Is strong is very directly related to the oigours uh concerns over slave labor or bonded labor uh in in particularly in the textile industry And I am not sure at this point that the european parliament will easily Adopt or agree to this investment agreement The gains of the agreement, uh, if it if it if we if we're able to proceed with it are that it sort of, uh Sets right or addresses to some extent the asymmetrical relationship that exists currently between the european union and china i.e. Chinese companies be they state led or not can more significantly more freely invest within the european union Engaged in and in takeovers On the other hand, it's very difficult still for many european companies to access and invest in china And the negative list as such is still in operation. It's reduced in terms of The categories under the list, but it's still there. So there is a leveling out However, for the netherlands, um The the devil will be in the detail And our parliament will also be critical and from the government side as well We have expressed the range of concerns. I have sort of briefly annotated here and we expect the agreement to address these If not, it will be sort of rocky ride in the meantime We think it's very important that we team up with the biden administration in order to ensure that allies european union And the us address common issues around trade and sustainability I mentioned the climate accord, but also human rights and with that regard We also focus very much on due diligence in the value chain. We cannot disconnect those They're not separate exercises. So it's a first step and let's see how we reach the finishing line so just to recap With respect to the view of the dutch government, I know it's a caretaker government at the moment But in your view is the text as written now unacceptable to the netherlands and would you favor reopening of the text? Um, well, that's the irony with these things. We haven't seen the full and final text Um, so when we receive the full and final text, we will read it We will assess it on its merits in the meantime There's ample scope to discuss And and engage with the biden administration as we hope to and as we will do from a european union perspective And as you've seen the european union the commission has already launched A new sort of transatlantic agenda With the with with a wide range of issues around which we want to strengthen the partnership with the us And I also believe that teaming up on issues of shared concern Be that From a geopolitical or geo economic perspective where it concerns china that will be very important and in that sense Being the government having sort of awaiting elections. It makes no difference to the position We've already held before actually the government stepped step down Thank you very much We have a few questions coming in now and secretary trust. I'm going to direct this one to you How do we navigate? The geopolitical tensions in trade and technology development such as in 5g that are hindering multilateralism And if I might just um enhance that question a little bit We hear there were decoupling a lot lately and under the trump administration There was a very forceful effort to decouple extensive parts of the technology development value chain and and trade The uk faced a lot of pressure and ultimately did exclude huawei from its 5g networks What happens next? Is there further to go on this? Do you think we went we went too far? And what mechanisms should exist to govern the so-called decoupling dynamic? I think what we've all discovered during the cable crisis is the vital importance of transparency around our supply chains And understanding where critical goods come from and I'm not in favor of autarchy I'm in favor of Using trade to diversify our supplies and make sure that our economies are resilient And one of the reasons that the uk is negotiating a series of bilateral trade deals including with the united states New Zealand and australia as well as Our proposed accession to the cpqp If we want to work with like-minded allies First of all to help set standards particularly in areas like digital Where there's an important international debate but also to be able to diversify our supply chains Amongst like-minded countries. I think that is a very important strategic approach that we are taking And others are taking too You mentioned technology. I think quite often trade gets the blame for technological development in terms of the Impact it has on industry the impact it has On working people, but I think we've also got to be very careful in our trade policy That we are making sure that Everybody feels the benefits and one of the focuses of uk trade policy is to make sure that the whole united kingdom benefits from trade deals we do and that those Benefits and costs are fully assessed In all the work we undertake, but Our approach is working with like-minded partners to help set standards and to use that process to help shape the global trading system And what we can't end up doing is allowing Vendors who are artificially subsidizing particular products to be able to Undermine the proper working of free markets based in democratic nations. That's a really important principle If I could just follow up for one second I believe the the the the uk government has actually talked about perhaps exploring the use of Government mechanisms to basically nurture some of these frontier industries in the uk Do you see a need for subsidy codes and the treatment of so-called industrial policy to be modernized so that it would permit Efforts by governments such as your own to localize or to To generate more of that production at home to help some of those people who as you say have felt left out from globalization in the past As I said earlier, we are very committed to tougher action on subsidies at the wto and making sure that we are operating not just within wto rules But we are upgrading those rules to effect to deal with the kind of subsidies the unfair subsidies That we've seen operating In that global market. I think key to this is making sure we're transparent. So What what support is being given? Why is it being given? and not reverting to the sort of 1970s approach which was prevalent in britain of supporting industries that don't Don't have a Effective future, but the uk will shortly be bringing out details of our new industrial strategy, which will Outline further further aspects Thank you. Mr. Oshman a question. I'm going to direct this question to you from the audience thinking about fair trade and distribution How are vaccine supplier countries such as your own monitoring transparency in the valley chain from start to finish To ensure that the recipient countries are fully confident of the quality and and and and so on of the vaccines They're receiving as you know vaccine resistance the significant problem facing the world as they attempt to basically get control of and suppress this pandemic First of all, I would say it's almost a miracle that less than a year after this pandemic started that we have several vaccines that are effective and safe that can be used That can be used widely in all sorts of populations the technical questions of efficacy safety and quality are being managed by the competent regulatory authorities in the united states that would be the fda And in in the european union. It's the European medicines agency in the in the uk's dmh r.a These are very well established well functioning bodies and and processes and The cooperation between the regulatory bodies and the researchers and companies who Who have developed the vaccines have reached a Level that was unprecedented as often in these regulatory processes. There's a lot of red tape In this case. It was it was really really very different. So quality issues I don't I don't see any Any topic with with regard to that vaccine development is a very A very risky thing in terms of scientific risk biological risk. We've just seen Last last week that a large u.s. Company has stopped their cobit vaccine development. We've seen that Today that Another large u.s. Company has published efficacy data that are let me say so so as far as I can As far as I I can tell the issue with vaccines is right now is availability and it's equitable access to these vaccines The two ministers on the call have referred to covax and other other platforms that exist to and that are working on that and I see tremendous progress are actually in contrast to what is Generally being discussed in the media. I've seen more Global cooperation in this whole vaccines area than ever before There will be there will be issues There's some technical issues some vaccines need to be stored at very low temperatures That might change in in due course We we don't we don't know yet But even for developing nations, you know at the prices The cost of these vaccines The gdp loss That that we are seeing through through the pandemic is so huge That the cost of vaccines is actually Comparatively Comparatively minor We are right now. We've seen shortages. I was I was alluding to that in my entry in my entry statement But you know, you go back a couple weeks. We had no idea whether we would have vaccines. So we cannot expect miracles I currently I see that Many global players are cooperating on manufacturing in quite a few different countries And I I expect that we will see within the next couple of months. You will see Tremendous progress on availability on the availability of vaccines We need to be we need to be realistic. We cannot cut corners As you said quality is very quality is very important vaccine manufacturing is super complex We need to protect we need to protect patients And we shouldn't make any compromise on on quality. But all in all, I think we've made amazing progress in this Thank you, uh, mr. Cough. I'm going to direct this question to you one of the principle sources of the backlash against multilateralism and globalization of recent years Is the perception and the experience that trade agreements and international trade have delivered Enormous benefits for the totality of society while creating very serious costs and social damages to communities and regions How do we reform multilateralism so that we actually do not leave behind? Uh specific communities and so forth and therefore rebuild support for the international trading system Yeah, um, well, I think the the backlash against international trade agreement, of course stems from a backlash against globalization and I very much agree with the with Secretary trust that we're not looking to rebuild autarky. What we can do, however, is to strengthen content and the quality of trade agreements Where sustainability is key addressing the impact of climate change ensuring and guaranteeing labor rights and building around value in the supply chain But that requires a collective effort and all multilateral international organizations need to assist in this regard But ultimately it's the design phase In the negotiations that sets The stage for quality agreements the redistribution of wealth And of course, uh, the the drive to achieve equity requires more than only trade agreements trade is incur is meant to create jobs Hopefully sustainable and green jobs And we need to of course make sure that standards are met and that compliance is ensured and that's been the weak point I believe that it's been between states and that follow-up compliance and Redress for communities affected or impacted redress when your rights Have been have been hit or have not been met That's been an important point in in many trade agreements The european commission has established a dispute settlement channel in that regard, but I believe we can do better looking to the future of new trade agreements We need to look at sustainability and the paris accord But redistribution of wealth the issue of equity. We also need to work of course with the imf Bilaterally and multilaterally with all partners to ensure we set the right agenda So the criticism I think to some extent is fair But it's a it's a case of collective responsibility and action And in the 21st century certainly don't do not have time to waste And yeah national planning national economic planning And and and obviously democratic processes are equally important trade is not the panacea for all evils It's an enabler and it can be an accelerator, but one cannot put everything on a trade agenda Thanks, we only have just a couple of minutes left I'm going to just ask a quick question to both of the trade ministers in this call When you expect to meet when you when you have your first meeting with your counterpart from the new Biden administration, what is will be the top of your priority list? I'll start with you secretary trust On the top of my priority list is first of all de-escalating some of the immediate trade tensions. So for example The steel dispute the air bus bowing disputes We shouldn't be in a position where the uk de eu and the us have tariffs on each other We need to work together and we also need to restore the multilateral trading system And restore the wto I completely agree with that for us We need to have a an assertive Relevant european union in this world and when it comes to the us definitely. I hope that both sides can agree to Take all the distorting measures off the table. They should never have been there It's a new era new dawn new era with president biden and his team And we need to to team up together to me to address the challenges and all these Uh reciprocal measures against trusted partners are not part of this this platform as far as I'm concerned So I hope the sooner we can move on the steel measures on other On other measures that were taken trade imbalances. It's not part of the new dialogue Well, I'd like to thank everybody on this panel. We're now out of time. It's been an extremely interesting discussion We stand at a very important hinge point in the future of the international trade system And I look forward to continuing this dialogue with you and others in the in the coming months I'd also like to thank all the people who joined this call and the world economic forum