 Yeah, thank you very much. I'm happy to be here and to speak on an issue which is of utmost importance for German industry You probably know as you already referred to that exports make about 46 percent of our GDP and you probably don't know that imports make for another 38 percent So we are left with a foreign trade world are well beyond 80 percent just to compare in the case of France It's 45 percent in the case of us is 25 percent as far as I remember so we are We are very open very globalized, but also very exposed. I think this will gets underlined also by investment So we have more than 36,000 companies having invested more than 1 trillion euro Uproad so as I said Very much globalized, but very much exposed as well So we follow the tendencies the protectionist tendon disease with very great concern and to begin that we rightly are these days preempted with The protectionist rhetoric and the measures taken by Trump, but he's not the only one who resorts to protectionism since 2008 when the G20 countries committed themselves to keep the markets open we could count for more than 2500 trade restrictive measures some of them have been taken back But still many of them are in place So you look to China where we I think are still exposed to major hurdles to market access We have a strong pressure on localizing production in Brazil and Russia in many other places We have of course Brexit In the European Union where the British government interpreted it in a way that they have to leave the single market And of course we have also very strong resistance against the trade Transatlantic trade and investment Partnership in Germany very strong demonstrations on against that. So I think we have to Look at the reasons for that and and and see how we can deal with this and I think they are from my point of view Two very obvious reasons one was already addressed in the session yesterday by we the douche and as far as I remember saying that of course we had a decline of Social inequality globally But we had an increase of social inequality in mainly major economies and those people Who feel left behind or think the jobs get lost to emerging economies want the jobs get back I think we can argue here for a while whether the job losses are due to technological change or to globalization But at the end for my point of view here It's clearly the responsibility of national governments to deal with those programs and to create social safety nets to support those who lost the jobs in retraining and lifelong learning but also to invest in innovation and and research the second reason clearly for Protection isn't rising protection isn't I think is the sentiment of Governments and societies that they lose control over Unleashed global market forces. This was certainly reinforced by the financial market crisis It was interpreted by these kind of unleashed capital markets Which caused the problem and so that the question is how to regain it and it is Danny Roderick who phrased this globalization trail Emma said that which says that you can't have Hyper globalization as he called it democratic politics and national serenity at the same time Either you have you can always combine two of them Quite obviously most of the governments opted for the option to reinforce national serenity over Globalization, I think this is very understandable as First it serves or addresses populist sentiments you have Secondly, you have well established instruments and policies to do so and of course it strengthens national governments in some cases Authoritarian rule so it's I think it's understandable that they did so the problem is that for my point of view this option is not really Able to cope with the global challenges we have So we have to resort from my point of view to global governance even if it means to weaken national Serenity and this is from my point of view and from point of view of my for duration that clear Track we have to take so we have of course strengthen subpronational Corporation governance in the European Union, and I hope that when we hopefully will have a Government in Germany in some weeks that we can restart it together with France To really reform the European Union and to strengthen it supranational governance there, but also we have to Reinforce WTO this mind Sound a little bit naive as the Trump administration seems to opt for a timeout in global governance, but if that's so then we have to talk to other partners and And test their willingness to develop to bring forward global governance and governance might might it be China might it be Japan India African Latin American countries I think we have to do this to do this effort and really to reinvest in global governance Moreover, we have also to do some homework. I think we need especially the European Union and new consensus on trade policy We have in the past years Think overloaded our trade policy Trade agreements have become more and more kind of basic creatures with other governments where we not only discuss trades But also investment of course, but labor standards social standards environment standards. So these are now Really treat this hardly to negotiate and and to manage it at the end and we have to rethink this and we have to involve of course society Citizens on on doing so we as BDI started recently to do a series of town hall meetings on the future of trade policy We will have some workshops with the critics of T-tip and trade policy to find to try to find a new consensus on this the same. I think it's necessary for investment protection We had a strong assistance in Europe against investment protection But also many governments about cancelling investment protection free tests because they find them unfair So also we need to do more on this to find a new consensus in that I think I stopped here and leave it to the discussion to get a little bit deeper on some of the other issues. Thank you