 our colleague Michael Murphy, who will present the opinion on implementation of free trade agreements, the regional and local perspective, own initiative. Mr. Murphy, you have the floor. Thank you, Mr. President, and thank you for the opportunity to introduce this opinion, the implementation of free trade agreements, a local and regional perspective. Dear colleagues, as we all know the world is going through unprecedented change, the global COVID-19 pandemic has had a substantial impact on all parts of our lives. And in terms of trade, the effects have been harshly felt around the globe. Recently, DG Trade published a macro economic impact review of the pandemic on trade new movements. And the results are, as expected, extremely worrying. In 2020, we can expect a decrease in global trade of between 10 to 16%, which translates to a reduction in EU 27 exports of between 280 and 470 billion euro. It's important to remember that behind those figures are SMEs, small companies and family-owned businesses, whether exporting directly outside of the EU are forming part of supply chains for exporting that function in our towns and cities and provide financial stability to our citizens, the same SMEs and family-owned businesses that invest, spend and hire local. The International Labour Organization in its recent research estimates 12 million job losses in Europe alone. This does not account for temporary layoffs. I try to reflect on this change in the opinion and deliberate on ways in which local and regional authorities can contribute to the restoration of global trade. Through the opinion I call the Commission to continue its work on addressing the started competition within the single markets caused by foreign subsidies. It's important now more than ever that we ensure a level playing pitch for all EU companies, irrespective of size. Furthermore, the opinion calls on the Commission to continue its important work on WTO reform and urges it to diversify global supply chains via the concept of open strategic autonomy. In the context of the revised MMF proposal, can I welcome a top-up to cohesion policy which can be used to provide important and crucial liquidity for SMEs, particularly in the hardest hit sectors and regions. In addition to this, influencing sustainability, promoting multilateralism and encouraging positive economic growth via open trade must remain an equal priority, and we should use these challenges and make them indeed opportunities for our industry. At the EU level, it is important to continue our support for the European Commission in its active attempts to ensure that sustainability and high labour standards are integral and necessary parts of all EU trade agreements, particularly through the TSD chapters. Negotiations of FTAs by the European Commission must be fully complemented by their implementation on the ground. The COR is well positioned to provide value to SMEs on the ground and give them the access that they need, the correct information most importantly in the right format. By working with the European Commission, we can ensure that the tools developed by the Union, such as the European entrepreneurial network, are fully utilised. It is local and regional authorities that are closest to the SMEs on the ground and most importantly understand the environment in which they function. Colleagues, we need to continue reminding the relevant stakeholders of our input into the formation and implementation of FTAs. We are the levels of government who work with SMEs on the ground and create a positive environment for their competitiveness. In conclusion, Mr President, can I thank a number of people, in particular my expert, Agata Kolodinska from the Irish region's office, for her support, her commitment, indeed, her incredible work over many, many months. The team at ECON, in particularly Efersini, the many stakeholders that we engaged with during the collaborative stage, particularly indeed the Commissioner himself, indeed the ECON members and co-ordinators who put confidence in me to be rapporteur, 21 amendments in total, 13 of which I tabled myself through my political group, the EPP. In terms of the 21, I'm supporting 18 and I count on your support. Finally, Mr President, can I thank you? Can I take this opportunity to thank you, Mr President, your team, indeed the Secretary General, for your leadership in recent months. Such leadership will be crucial in the months and years ahead as we not only tackle the challenges, but indeed grasp the opportunities as well. Mr President, thank you very much.