 Okay, thank you very much. Based on my area of interest, I would like to briefly discuss the current state of the global trade governance. As all of you know, the Doha round has been drifting for 16 years, and yet we do not know when and how it can be concluded. This kind of impasse had never happened before since the start of the multilateral trading system of the WTO in 1948. The 11th WTO Ministerial Conference will be held in Buenos Aires, Argentina next month. To prepare this MC-11, an informal mini-ministerial meeting was held here in Marrakesh early last month. However, ministers found that there are still sharp differences on major issues among the groups of countries, depending upon their own country's interests. As the multilateral trading system of the WTO was struggling with the Doha round, many countries actually have attempted to liberalize their economy by seeking bilateral as well as regional FTAs. And most recently, a new trend of forming a mega-RTAs with multiple participants has emerged, such as TPP, RCEP, and TTIP. However, as you know, the Trans-Pacific Partnership Agreement will not be implemented. You know the reason why. Furthermore, the negotiations of other mega-RTAs seem to be also prolonged. In addition, President Trump, you just heard from Marcus Norland, America's first trade policy is making the global trading environment more uncertain and more unpredictable. Against this backdrop, some international organizations and the Leaders Forum have worked to improve the global trade governance. In particular, the G20, the premier Leaders Forum for International Economic Cooperation, has made various efforts to restore the credibility of the global trading system. As we remember, at the 2015 Turkey G20 summit, leaders asked trade ministers to meet on a regular basis. Following this request, G20 trade ministers met in Shanghai in July 2016 and welcomed the establishment of the G20 investment and trade investment working group. However, during this year's German presidency of the G20, trade ministers did not meet, and no substantial agreement on the improvement of the world trading system was even included in the G20 summit declaration. Meanwhile, at the German G20 summit, leaders discussed the importance of fair trade and level playing field and recognized the role of trade defense instruments, just like anti-dumping or countervailing duties. It should be noted that G20 leaders at this time had more interest in fair trade than free trade. I would now like to make some suggestions in my own personal thinking on global trading system. First of all, the WTO members should seriously discuss how to save the multilateral trade negotiations. To save the Doha round, serious discussions should be made at the upcoming MC-11 to revise the agenda which was written 16 years ago. Second, along with the multilateral negotiations, WTO members must consider taking different approaches to address further liberalization and new commercial rules. Given the nature of the decision-making mechanism of the WTO, we may need to seek for bilateral agreements for certain issues among like-minded participants such as government procurement agreement. Of course, if other countries who later satisfy certain requirements, they are allowed to join the agreement. Furthermore, if these agreements extend the benefits to all other non-participating members of WTO on an MFN basis, this agreement would become multilateral, like the information technology agreement. Third, we know that WTO's dispute settlement function has been respected despite the failure of the Doha round. However, recently, WTO has unable to fill vacant members at the WTO affiliate body. This really hurts the credibility of the WTO's dispute settlement system. We do hope this problem to be resolved as soon as possible. Fourth, I would like to also emphasize that MC-11 must produce a successful outcome with another small package. Fifth, I would recommend that WTO members agree that investigation and imposition of trade defence measures should be consistent with WTO rules and purposes. In this context, it would be extremely important that trade remedy systems are operated in a fairer, more transparent way. Sixth, I would like to note that there seem to be a growing consensus about the need to make all the citizens share the opportunities and benefits of trade liberalisation. Regarding this issue, there are two important areas to focus on. First, we have to look at this issue from the consumer's point of view. In many countries, consumers often do not feel the benefits of trade liberalisation. One of the main problems in this case is that distribution process of delivering imported goods from the border to the final consumers is extremely complicated, making the final price of the imported goods much higher than the initial input price. From the consumer's point of view, expensive imported goods are not attractive and therefore they cannot see the real benefits of trade liberalisation. Major reform should be made in the distribution process of imported goods. Second, we have to consider, reconsider the way to assist industries, firms and labourers which are having difficult times from liberalisation. We now need more inclusive policy schemes to assist losers from globalisation and trade. As these two issues, I would like to recommend WTO along with other appropriate international organisations study and suggest concrete policy recommendations with best practices. Last but not least, I would like to suggest WTO members utilise their existing and future bilateral FTAs to further liberalise trade and reflect new commercial issues in the agreement. In other words, if the WTO members decide to have new FTAs or revised existing ones, they should make the FTAs as modern as possible by including newly emerging trade rules such as competition policy, e-commerce, trade remedies, state-owned enterprises and investment facilitation to name a few. I'll stop here. Thank you very much.