 Well, thank you very much Nicholas. I'm happy to join this panel to discuss the future of World Trade and the global trading system and many of you may have not noticed that last Monday this week it's 30 October marked 70th anniversary of GATT which is the predecessor of WTO and origins of multilateral trading system and we believe that WTO and its predecessor the GATT hugely contributed to global prosperity in the past decades and between 1950 and the 2016 global GDP increased tenfold while the global trade increased 39-fold. I think it's largely due to the increasing economic openness fostered by multilateral trading system. So I would like to make three points. First, now many people feel as if the global trading system is now on the verge of collapse but actually I think the multilateral trading system remains strong and the solid. We all saw the value of this system during the financial crisis and in 1930s the financial crisis I mean the protection of the measures wiped out two-thirds of the world trade but in the crisis of 2008 we didn't see such a escalation because our member governments knew that they were all bound by the multilateral rules they knew where their boundaries were so I truly believe that a multilateral trading system represents the best world effort to keep protectionism and economic tensions at bay and my second point is we must be aware that many people feel disconnected from the economic progress and attitudes toward trade and globalization have hardened recently and in some countries trade trade is often singled out as a destructive force in labor market. Well trade does have effect the technology and the technological progress is actually the major force driving changes and disruption and it's true everywhere in any economy automation digitization new managerial techniques hugely reduced demand for labor in employment so we can see that in reality according to our survey more than 80% of job losses are due to productivity gains due to technological progress not to cheaper labor cheaper imports but again trade is often pointed as a corporate here but in fact as mentioned technology and trade are essential for economic progress we cannot reject those forces instead we had better embrace and adapt so I think the the current trend of turning against the trade will solve I will not solve any problem instead raising barriers to trade will only make the situation even worse they will not bring the jobs back so the better response to this challenges is to have a more active domestic policies to support workers and equip them with the skills to compete in the modern market place so let me move to my third point it's also the topic of the today I think the key question before us today is about the future of WTO I truly believe that none of the global trade challenges can be easier solve outside of multilateral trading system in fact the opposite is the case for example you can hardly imagine that you can manage and increasing borderless digital economy or respond to the globalization of the Internet through bilateral agreements it is also impossible for countries to limit their agriculture or fishery subsidies via regional arrangements I'm not trying to say that bilateral or regional approaches are not important they absolutely are but what I'm trying to say is they are on their own they are they cannot be sufficient they can only supplement multilateral trading system and they can act as building blocks for the global system but the multilateral approach is essential and indispensable nevertheless I believe that the WTO can and should do more to evolve and to improve I mean before us there are a lot of long-standing issues as minister Bart mentioned when you were the minister you discussed those issues like agriculture subsidies fishery subsidies domestic regulations of services sectors and so on those issues are still standing there to be resolved but meanwhile we also see that there is increasing interest among some members to discuss those forward-looking issues like e-commerce and investment facilitation however we have to recognize that there is no easy or obvious solution on any of those fronts because we if we want to find a solution we need to get consensus that is to say we need to bring all the WTO members on board it's very challenging and very difficult ultimately the future of WTO is in the hands of its members we are member driven organization so it is there I mean our members shared responsibility to bolster global economic cooperation and to leave a strong and well-functioning multilateral trading system for future generations let me stop here just just a quick follow-up but are you suggesting that there's an issue of governance at the WTO you mean the the governance I think is the economic governance is a global issue in a lot of international organizations in IMF World Bank WTO and we have to face that challenges but the current problem is we lack of the leadership in WTO so that's why I said we hope all members share collective responsibility to promote multilateral trading system and to keep it strong