 Good morning and welcome to CSIS. I'm Ernie Bauer, the director and senior advisor of the Southeast Asia program. Honored to be here with Minister Eswaran, who is the minister in the prime minister's office and the second minister of trade and investment. Welcome. Thank you very much. Minister, I wanted to ask you, Singapore is one of the most trade dependent nations in the world. How are you doing relative to the economic issues in the United States and Europe, the slowdowns in those major markets? Well, I think, you know, clearly America, US and Europe are very important markets globally and certainly for Singapore. So the fact that there's some level of economic uncertainty in both these major markets, it does have an impact on our final demand for our own exports and in turn therefore has a dampening effect on growth prospects. I think the countervailing consideration for us and the more optimistic element is really what's happening within Asia, because within Asia the rise of economies like China and India, but more specifically the growth of the middle class, urbanization and greater disposable incomes has created new opportunities in Asia as well. So that is the countervailing development. It does not offset what's happening in Europe and US because these remain large substantial markets, but it does offer some alternatives. And it's not just for Singapore or Asian countries, but even for, you know, American and European economies. And in fact, that's what we've seen a lot more connectivity between American and European enterprises through Singapore in many instances into Asia. If I can give you one statistic for example, the last 20 years, say from 1990 to 2010, intra-Asia trade has tripled and tomatoes become more than half of global trade. And Asia's trade with America has doubled, but in percentage terms it has fallen. So I think there's a lot of scope and the opportunities are there and we should pursue them actively.