 Yes, so this initiative is important for the continent. It also provides a nice counterpoint to the protectionism that is arising in different parts of the world. It's definitely needed because Africa is fragmented and trade within Africa is a very small part of the total trade of Africa and it's very difficult to imagine that Africa can break out onto world manufacturing markets and become competitive in a lot of internationalized industries which are essential for its development unless it has a critical mass. Of a market that it addresses and as the Economic Commission for Africa has pointed out, not only the trade that is within Africa at the moment tends to be trade in manufactured products or agricultural products and the trade that is outside of Africa tends to be what they call extractables, so natural resources and that is a promising sign that if you could get more integration within Africa you could develop more of agriculture and industry within Africa. It is quite surprising as an economist when I approached this issue for the first time about nine months ago to see how many barriers there are within Africa. So it's ironic that African countries are very high tariffs with each other in relative terms but they actually trade quite freely with the European Union and with the United States. So there's a kind of trade diversion that is occurring which is orienting in an artificial way, a trade outside of Africa instead of inside of Africa. One other point I would make is that we must not make the error in Africa that we made when we did the Middle East, North Africa agreements with the European Union which is to assume that because you do the free trade agreement automatically you're going to solve a lot of problems and get a lot of growth, et cetera, et cetera. So long experience and many studies have shown that in the language of economists there is no unconditional convergence. It isn't just because you open trade that you converge to the higher income of your partners, whatever that might be. Convergence, international trade liberalization only works in conjunction with strengthening of domestic policies. If you don't have the strengthening of domestic policies, frankly you can do all the trade liberalization that you want. If you don't have the political stability, if you don't have peace, in a lot of places in Africa there isn't peace. And if you don't have a reasonable predictability of the business climate, I'm talking about corruption, I'm talking about governance, et cetera, et cetera, you are very unlikely to get investment in that kind of context where the trade is open or not. In fact, sometimes I have made the arguments that if you don't have those domestic conditions, trade can actually hurt you because all that happens is you get a lot of imports but you don't get the export response. Now, in terms of the agreement itself, that's the general point. In terms of the agreement itself, what are the conditions for its success? The first, again, I stress, is improvement in domestic policies and governance. That's the first condition for the success of the African continental free trade area and it's a very important thing that should happen irrespective of the African continental free trade area that I take as a given. The technicalities of the agreement, there are three points that need to be recognized. Number one, the agreement has to be inclusive. Right now, I would argue it is pretty inclusive. I don't remember the exact numbers but something like 45 or 46 countries have now signed on to the agreement except for the elephant in the room so far and that's Nigeria. Now, a few months ago, the president of Nigeria made a statement. I think it was in Wakadougou that he was going to sign the agreement. The agreement, as far as I know, has not been signed. I just checked this morning and there's a lot of debate within Nigeria about signing it. So it's very important that Nigeria signs it. I want to say a word about Nigeria, why it's such a complicate. Of course, it's the biggest economy in Africa so without Nigeria it's kind of difficult to see how this thing functions as an African agreement. But Nigeria, the political economy in Nigeria is extremely complicated. It's an oil exporter but it has a domestic manufacturing and agricultural output, of course, which is uncompetitive in part because of the oil exports and the Dutch disease effects. But Nigeria, as I like to stress, is not Saudi Arabia. Nigeria is the oil resources of Nigeria relative to the population of Nigeria, which is 200 million people, is tiny. So Nigeria cannot be like the Gulf states thinking it's going to just take its time to develop using oil resources. It has to diversify its economy and it has to diversify its economy now. So it's very important for Nigeria not to mention all the geopolitical considerations of it being, if it wants to be a leader in the continent, it has to be part of this agreement. So that's the first condition is Nigeria has to join. The second and third conditions are quite technical. The second condition is the agreement says we will liberalize 90% of trade. But they don't specify what that means. If it's 90% of trade, actual trade volumes, et cetera, that's not too bad. But if it's 90% of tariff lines, then countries can play a lot of games in choosing the appropriate tariff lines under which they're not going to liberalize and essentially negate the effects of the agreement. And the third technical point is that rules of origin are very important in free trade agreements. So for those of you who have not had the pleasure of studying rules of origin, it's basically if a product comes in from Ghana into Kenya, is it really a product from Ghana or is it a product from China? And so you need rules of origin in order to make sure that the free trade agreement is not abused, so to speak. But these rules of origin, if they're made to be very complicated, specific to particular products depending on the production process or how many times it's been transformed, et cetera, it can become very, very difficult for people to comply with the rules of origin. And so it's important that the rule of origin be simple, especially in an African context where you have a lot of governance issues. And so something like a value-added criteria, not like 50% of value-added, has to be within Africa and there's accumulation wherever it is produced in Africa. I think that's an important third condition. Finally, I just want to say the other big issue, which is impossible to separate from trade policy, is the infrastructure question. So anybody who's familiar with Africa knows that it is a gigantic continent. The distance between Casablanca and Johannesburg is 8,000 kilometers, which is about the distance between Brussels and Beijing. But this is a continent that is very poor in all of its transportation infrastructure. Whether you're talking about roads, ports, airports, it's very weak in that regard. So the African continent of free trade area in order to work has to be accompanied by a stepped up effort of all concerned and that means includes the Chinese, doesn't just include the Europeans or the Americans because the Chinese are very good at infrastructure. It has to be accompanied by a major effort to scale up the infrastructure, particularly in the area of transportation. Thank you very much for this very complete presentation. In listening to you, I have the impression that there are more obstacles yet to jump over because before we can begin to implement the agreement, especially coming from Nigeria, because if we listen to you, Nigeria still has to tidy up its domestic economy before being able to join. So it's not very encouraging as a few, but we'll come back to that.