 I turn to John and don't be surprised if we address many different problems in the idea of this seminar traditionally that we address a lot of problems and then we discover of course that we miss two or three that are also important but it should come from the audience. John you have the floor. Thank you yes and our chairman instructed us to focus on narrowly rather than across the board. I've been thought I would talk a little bit about what's happening with trade and as I said yesterday in the plenary session what's particularly notable is from 1950 to 2008 essentially trade grew faster than the global economy. In other words trade as was intended by the architects of the post-war international system that it would facilitate trade and trade would be a key driver of global expansion. Since 2012 essentially since the fading of COVID we now have had a decade in which 8 out of 10 years trade has grown more slowly than the overall economy and the expectation is that this could well continue going forward. Now there are some obvious reasons why this might be happening. There's been post COVID relatively slow growth in general and that has meant slower in private incomes slower growth in private income and in the context of slower population growth in many countries but it has given rise to discussion of de-globalization fragmentation etc. And this has been accompanied these concerns have been accompanied by a dramatic deterioration in the operations the World Trade Organization. In 2008 one of the key priorities of the of the first G20 leaders summit was to prevent new trade restrictions and to promote the adoption of new liberalization specifically the adoption of the WTO's Doha development round. Well the opposite has happened. A lot of new protectionist measures have been adopted and the Doha ground has been completely abandoned. And in the meantime as is well known the WTO's dispute resolution mechanism has fallen into disuse and disrepair and symbolizing a deterioration in the trading system. But it's probably worth thinking a little more broadly about what is the underlying aspects of this change. Let's think about before in the post World War II orders trade was driven by gains in cost and efficiency. Essentially it was obvious economic incentives that drove trade through the opening the reduction in restrictions lowering of tariffs etc. But the focus was a net was essentially economic. And in fact a high point I think in the considering that many of us came from use to a world in which import substitution was considered a viable means of development. I can recall the commission on growth and development that was operated by the World Bank established by the World Bank and chaired by Mike Spence a Nobel laureate that concluded that there was no no case of sustained rapid development of emerging developing economies that did not involve an opening of economies to the world markets rather than the opposite. But it seems to me that what is happening is there has been a shift in considerations not to abandon not that there's been an abandonment of the idea of we're pursuing economic efficiency but there are new considerations that have been taken into are being taken into account and taken seriously and they I think can be lumped into the rubric security security about energy supply security about food and health security about even technology. And as a friend of mine Marsha Vandenberg says this is really driven by three C's. She puts it first C is conflict Ukraine and US China tension. Second COVID that brought about a new realization about potential issue of issues of resilience of supply chains and the danger of relying on foreign on foreign trade and avoiding bottlenecks. Third C is climate and a clear need for international cooperation. But also the possibility that climate oriented measures like a border adjustments for carbon tax could create new barriers to trade. And then finally as we talked about today in tech and technology and the source of proliferation of both new forms of subsidies as well as new forms of trade restrictions. And as we've heard this morning subsidies in this area are becoming so ubiquitous that they're virtually meaningless since everybody subsidies subsidize nobody has any particular national advantage. And then finally the new need to the new as a light aspect of trade in data and the concern about data security and the worry about cross border data access. Now we can see part of this in a reallocation of trade. You might call it trade diversion. But certainly we're seeing the growth of manufactured exports from Bangladesh, Indonesia, Vietnam, Cambodia, India, and in the United States, especially Mexico. As some recent research has shown that in many cases these the businesses that are expanding trade in these let's call them more frontier markets is probably the wrong word. But newly expanding markets may actually represent investment of former of firms that formerly located those those activities in China. So where are we headed? Well, the G20 the recent G20 leaders this summit had a new section on trade. And it said that what here's what it's looking for. Here's what the G20 are committed to a system that is rules rules based, non discriminatory, fair, open, inclusive, equitable, sustainable and transparent with the WTO at its core. What are the measures that they agreed to do this to accomplish this? First, they said resurrect the dispute settlement system by next year. Good luck with that. That they will promote in exports from micro and small and medium enterprises that they support the G20 generic framework for mapping global value chains that they will continue work on the high level principles on the digitization of trade documents, and they will support the WTO's aid for trade. Doesn't sound like a very active agenda for turning around trade. My conclusion is that these three C's conflict COVID climate and T technology are going to have an impact. And it's going to be a while and before we can start to resurrect a freight a trading system that is consistent with the goals announced by the WTO. Thanks to me by the by the G20. Thank you very much indeed. You are killing one of my my very small list of positives, because I would say despite the geo strategic tensions, despite the corals and the wars, we had a communique of the G20. The full body of the international community signed it. The triumph of the Indian in, you know, managing that to get that communique has been quite remarkable. And also in our domain, pure financial domain, the system of the Basel committees, the financial stability board reporting to the G20 continues to function. So we have there something which is perhaps miraculous, but but continues to go. And we will see your skepticism is perfectly justified. I was focused just on trade. No, no, no, you're right. You're right. And on on trade, we are very likely, of course, to be disappointed. That's absolutely clear.