especially in the oecd. .. ., ., the us so nobody especially in the oecd... ., ., ., ., ~ oecd. .. want to take interest rates down _ oecd. .. ok. you want to take interest rates down so - oecd. .. ok. you want to take interest rates down so you - oecd. .. ok. you want to take | interest rates down so you don't want to see oil interest rates soar too much. before we go and briefly, you mentioned iran as part of opec, third biggest supplier. is there membership at riskier? ha. third biggest supplier. is there membership at riskier? no. iran's membership _ membership at riskier? no. iran's membership was _ membership at riskier? no. iran's membership was not _ membership at riskier? no. iran's membership was not at _ membership at riskier? no. iran's membership was not at risk- membership at riskier? no. iran's membership was not at risk when | membership was not at risk when there was a war going on between iran and iraq, so, no. iran's membership is not. opec is very good at working through crisis and working through animosity. absolutely not.— working through animosity. absolutely

the oecd produced _ the problem becomes. indeed. the oecd produced a _ the problem becomes. indeed.the problem becomes. indeed. the oecd produced a recent forecast i the problem becomes. indeed. the i oecd produced a recent forecast that indicated that we have elevated shipping costs, even a doubling of shipping costs, even a doubling of shipping costs, even a doubling of shipping costs, from where they were last year. if that persists for a year that could increase cpi inflation across the globe by 0.4%. that are the sort of headwind is that businesses across the world is facing in terms of this continued disruption, that this becomes the new normal. disruption, that this becomes the new normal-— new normal. apart from the diplomatic _ new normal. apart from the diplomatic and _ new normal. apart from the diplomatic and military - new normal. apart from the - diplomatic and military response, i wonder what government can do to help make things a bit easier for business. in help make things a bit easier for business. ., , business. in the uk we have been advocating _ business. in th

and oecd nostradamus. really? and oecd forecasts. nostradamus was much better at it. in light of the new brexit checks implemented, it's no surprise that the oecd has made such a gloomy forecast . made such a gloomy forecast. surely brexit plays some role here. no, they are not brexit checks. these are an act of self—harm. the government has voluntarily imposed on the border. it is not a consequence of brexit, it is a choice and in my view, a moronic one, in case ihadnt my view, a moronic one, in case i hadn't been clear yesterday , i hadn't been clear yesterday, philip, please explain why cutting spending would help britain's economy . our public britain's economy. our public services are barely running, mainly because the tories won't fund them properly . if we want fund them properly. if we want a healthy economy, surely we need pubuc healthy economy, surely we need public services running well. productivity in public services is no higher than it was in 1997. that's the problem with pubuc 1997. that's the problem with public services. it's not money, it's producti

interesting that al chief economist at oecd.ai will be improving productivity there. more now on the political crisis in france where once more the country could be without a government later today. prime minister michel barnier, who was appointed by president macron afterjuly�*s inconclusive parliamentary election, faces a no—confidence motion over the budget — a vote he is expected to lose. on monday monsieur barnier used a presidential decree to force through his budget without a parliamentay vote. furious opposition parties said they would back a no—confidence motion to oust the former brexit negotiator in a vote expected today. in parliament, he pleaded with legislators about the gravity of the political threat. translation: the situation is difficult in terms - of the budget, in terms of finance. i'm also very vigilant when it comes to financial markets, which i know quite well. it's very difficult in economic and social terms. one thing i'm sure of, monsieur chassagne, and keep what i say today in mind, is that the vote o

i'll be speaking with the leading oecd economist willem adema, whose data proves it. then we'll head to pittsburgh and hear from the woman leading its urban redevelopment association to find out how pittsburghers are bucking the trend with affordable accommodation. and your home away from home. airbnb is one of the internet�*s original disruptors, but is it a victim of its own success? i'll be speaking to its founder and chief executive, brian chesky. wherever you'rejoining me from around the world, once again, a big hello and a warm welcome to the show. a safe place to live is a basic human necessity. it's as essential as food and water, but it's becoming harder and harderfor people to find affordable homes. as populations rise, especially in cities, there's more demand, and that's causing prices to increase. looking at the real house prices of the 37 most developed nations, you can see the line keeps going up. it dips after the 2008 crash and again after covid, but each time prices recover. just looking in the last ten years, there's been a 40% increase. wages certa

_ competitors and the oecd average when it comes to _ competitors and the oecd average when it comesarket protections _ when it comes to labour market protections in— when it comes to labour market protections. in germany- when it comes to labour market protections. in germany it - when it comes to labour market protections. in germany it has i when it comes to labour market. protections. in germany it has high levels _ protections. in germany it has high levels of— protections. in germany it has high levels of investment _ protections. in germany it has high levels of investment and _ protections. in germany it has high levels of investment and better - levels of investment and better employment _ levels of investment and better employment protections. - levels of investment and betteri employment protections. there levels of investment and better. employment protections. there is levels of investment and better - employment protections. there is no question— employment protections. there is no question that — employment protections. there is no question that we _ employment protect

both in the oecd produced _ the problem becomes? both in the oecd produced a _ the problem becomes?ecent _ the problem becomes? both in the oecd produced a recent forecast i oecd produced a recent forecast which indicated that if we have elevated shipping coasts or even a doubling of shipping coasts from where we were last year, that persists for a year, that could increase cpi inflation across the globe by 0.4% so that's the sort of headwind is that business across the world are facing in terms of this continued disruption if this becomes the new normal.— continued disruption if this becomes the new normal. yes, and quite aside from the diplomatic— the new normal. yes, and quite aside from the diplomatic and _ the new normal. yes, and quite aside from the diplomatic and military - from the diplomatic and military response, iwonder from the diplomatic and military response, i wonder what government can do to help make things a little easier for business?— can do to help make things a little easier for business? well, in the uk we've been — easier for business? well, in the uk we've

if you take, for example, the european oecd - around the world?take, for - example, the european oecd nations, the average corporate tax rate in that region is about 21—22%. where the us is right now would be in line with that comparable economic bloc. to go up to 28% would take the us meaningfully above the european union but also other oecd nations. there are always concessions and tax loops, but on average, if vice president harris�*s tax proposal goes into place, it makes the us less competitive. into place, it makes the us less competitive-— into place, it makes the us less competitive. and donald trump's su . . estion competitive. and donald trump's suggestion of— competitive. and donald trump's suggestion of 1596 _ competitive. and donald trump's suggestion of 1596 would - competitive. and donald trump's suggestion of 1596 would take - competitive. and donald trump's suggestion of 1596 would take it l competitive. and donald trump's i suggestion of 1596 would take it well suggestion of 15% would take it well below what we are seeing compara

coming up we will speak with the secretary general of the oecd.t interview up next live from italy where g7's finance chief and central bankers are gathered for that annual meeting. we are live on the ground at that interview. stay with us. this is bloomberg. ♪ >> the g7 is collectively recognize the need to protect our workers and businesses from unfair practices and overcapacity threatens the viability of firms around the world, including emerging markets. i believe it also poses the challenge to china's growth. tom: that of course with u.s. treasury secretary janet yellen speaking at the g7 on unfair trade practices, alleged, and challenges to china's growth. oliver crook is also on the ground and stresses italy where the meeting of course is taking place. not only will he cover the story for us throughout the day. standing by with any special guest for us, kick things off. oliver: as you said, we just are janet yellen. one of her priorities to stress and speak in the g7 is this priority of china and unfair trade practices and something she wan

it is the founding member of the oecd.he coming administration as we engage with all elected governments across our membership at across our climate countries. joumanna: are you bracing yourself or rocky relations are more difficult discussion? >> our job is to work with the democratically elected governments. and of course with a clear vision to provide global leadership when it comes to tackling climate change effectively. joumanna: back in september the oecd said the global economy is turning the corner, but you did cite risks, geopolitical trade risks and of course those risks have come to the fore with the return of president trump. he's talking about tariffs, universal tariffs, broad-based tariffs, what does that due to the global outlook? >> we have seen the global economy turned the corner. 3.2% on the back of robust growth. and with inflation continuing to come down and countries around the world, moving forward we would like to see continued strong growth. it is always better for countries to talk to each other a

deed, and the oecd produced a recent forecast _ becomes.mes. deed, and the oecd produced a recent forecast that indicates - a recent forecast that indicates that if we have elevated shipping costs, so even a doubling of shipping costs from where they were last year, if that persists for a year, that could increase cpi inflation across the globe by 3.4%, so that is the sort of headwind is that business across the world is facing in terms of this continued disruption, if this becomes the new normal. , ., disruption, if this becomes the new normal. , . ., , ., normal. yes, and quite aside from the diplomatic _ normal. yes, and quite aside from the diplomatic and _ normal. yes, and quite aside from the diplomatic and military - the diplomatic and military response, iwonder the diplomatic and military response, i wonder what government can do to help it make things a easierfor business? in can do to help it make things a easier for business?— can do to help it make things a easier for business? in the uk we have been — easier for business? in th

that's according to the oecd.0 years of talks, the tunnel that could link europe to africa may be built by 2030, costing a whopping £6 billion. what could possibly go wrong? but first, let's turn our attention to scotland now, where kate forbes has confirmed that she will not run to be the next leader of the snp and scotland's former finance secretary, said that the only way to deliver urgent change in scotland is through john swinney's leadership and thatis john swinney's leadership and that is exactly who she will now be supporting. well, the snp, snp msp rounded off her statement and said you can be certain that delivering on the priorities for which we have together advocated in recent years has been at the heart of today's decision. what does that mean for scotland? well, we're going to find out by going to holyrood, where gb news scotland reporter tony mcguire is getting the latest for us. welcome to the latest for us. welcome to the show. always a pleasure , the show. always a pleasure, tony. so tell us, ho

we are part of the oecd. that means costa rica can join usmca. why not? usmc has pretty good high standards for costa rica can get to those standards so it prepared uss for that which is again that doesn't mean if we start with other trade agreements that doesn't mean we are going to leave one behind but it's going to, we can get more and we can have higher standards. if the country can do that, why not? >> ambassador let me ask you about singapore's agenda. while the u.s. has moved away from negotiating traditional trade agreements singapore has implemented 27 fta's within singapore. do you think of those as just part ofhi your economic agenda r do you also think about them as part of a foreign-policy? >> i think that trade is three times the gdp. i believe in intellectual trading system how it was forged by the u.s. coming of world war ii and over the decades it's had economics to believe economic growth and allowing efficiencies of scale in productivity and innovation. in our part of the world we have seen how trade has fueled domestic development but

the imf, the world bank, the wto, the oecd. and finally we are coming together in one task force to try to see if we can put all our energies together, develop a common methodology or framework. we know that not every country is going to have a carbon price or tax. the u.s. will never do it. they will approach it to regulation subsidies and other means but once we have a common framework we can all measure what were doing against that. more importantly we can transfer some of the resources raised to a finance the green transition period so thank you for raising that. >> dr. ngozi i know he have to leave in a couple minutes because an important meeting. why has it been so slow? is a because were distracted with of the crisis and are you confident that all of this is going in the right direction? >> well, it's social because i mean when to talk of raising taxes of price, it's never a popular. as someone said jeff so many former, present finance ministers on the panel. we know what this means. it's politically difficult to talk ab

these agreements have been approved at the oecd level. they justs get on with it and me because otherwise, we will move to more fragmentation of tax, and we are seeing it with a carbon tax borderr adjustment here and there, and that could be more cacophony added to the risk that we see and that takes me to my second anyway think there is hope if we, i'm sorry that doctrine goes had to go because it touches on trade. everybody will agree no matter how much we talk about de-globilization, that globalization have massive positive impact in pulling people out of poverty, hundreds of millions. if we listen to a. j. from the world bank, this virtuous path of which were heading is not, best stable or worse, declining. more poverty than less poverty. well, if we look at trade and the decoupling of the de-risking how would want to call it, it implies two things. one, there would be different and new sources of supply and new partners of trait, number one pick number two, because there is more boldly associate with supply if they will be at the cos

education and because we're in. the eu, all the issues that 15 years ago were presented as problems, oecdmebody saying to you, you've got to lose weight, you got to go a diet, when you actually do it, you come out better. margaret thatcher closed the the military base and said, your future is tourism and finance. services and that's what we did, it's not something we invented, it was a british invention, don't forget again who invented finance center, who invented gibralta, the cayman islands, jersey, gurnsay, all the key places, hong kong, was the british, i mean they can't be against it, because london is still one of the biggest, it's the mother of all finance centers, i think if people are paying their tax, it's a proper legitimate. business, if it's properly run, if it meets all the international standards, that's what it is, the celitation for gibalta group is a group that that started in jibalta many years ago, over 20 years ago now and it is a group that came about as a result of local tribaltarian um persons being um worried that the rights of the dribrolitarians were perhaps not

single european directive, we have transposed into our legislation every single european directive. the oecd and england have got, so... "uh, we're also whitelisted by the international monetary fund. i think that these associations would not give us those magnificent ratings, if we really were anything of the many things that our spanish neighbors say we are. to a great degree, gibralta has done well economically despite the uk, because we're small, and again, because we invested in education, and because we're in the eu, all the issues that 15 years ago were presented as problems, uh, oecd,..." uh, imf controls, uh, tax regulation, all those things that even here were seen as problems when they started, actually have been good for us, it's almost really a bit like somebody saying to you, you've got to lose weight, you got to go a diet, when you actually do it, you come out better. margaret thatcher closed the the military base and said, your future is tourism and financial services, and that's what we did. it's not something we invented, it was a british invention. don't forget again. "who

■q we also intend to support the fund created by the african union and oecd to improve continent.cy in an instrument that aims to announce the great potential nations which are strengthening their ties to a free trade area on a continental stage. for too long, africa has unders. africa is a continent that can surprise inke advantage of what is extraordinary about it. it is up to us to colralicationh them new opportunities with peer-t to grow together. we want to do it not through anh facts. turning our intentions into building blocks,nd jobs. here my wish for each of us is that new synergies and new opportunities, but in particular concrete answers, mayse from this meeting. noe president of the united states, joe i thank again. pres. biden: thank you. hello, everyone. you may have heard me say this beforee stand at an inflection point in history that occurs every five, six, seven generations. and the decisionshiow will detee course of our future for the next five or six decades. i the infrastructure we're building and the investments we're making thru se on a fundamentally sonr path th

multidonor fund, a fund we hope will also grow groh together with you not also intend to supe c and oecdn the continent. there's an instrument that aims to announce the great potential of african nations which are strengthening their ties to a al stage. for too long, africa has been mist understood and exploited, looked down or from above. a con surprise in condition to take advantage of what is extraordinary about it. it is up to us to collaborate with applications and build with them new oor peer-to-peer approach in order to grow together. we want to donot through lectures and argument, but with facts. turning our intentions into building answered, and jobs. here my wish for synergies and w opportunities, but in particulam thiseeng.■gj now the word goes to the president of thete joe biden, whom i thank again. pres. biden: thank you. hello, everyone. you may have heard me say this before but i think we stand at an inflection point%y in history that occurs every five, six, seven generations. d the decisions i think we make now will determine the course of our future for ne or six decades

occupied territories is another thing we uh have taken a look at and this point we are looking at oecd countries um the departure for example uh technicians with advanced technology outside the occupied lands is uh one sign of this um and we're also looking at uh the fact that uh when you have these types of uh figures to be higher uh in israel uh like consumer goods for example 50 to 70% more expensive in israel versus the average price levels in oecd member countries, well that just shows how bad things are for israelis and of course that doesn't reflect well when it comes to uh the consumer confidence. um let's move to the next uh graph and see what we have over there uh this is the uh impact that the war has had and there's now number of fronts where there are wars involved uh obviously the deficit keeps going higher public spending uh as matter of fact in terms of the funds available keeps getting lower at this point we're looking at uh the gdp loss of 14 uh billion dollars based on what we're seeing here so obviously that's not a good sign and finally uh here are the numbers when

occupied territories is another thing we uh have taken a look at and this point we are looking at oecd countries. um, the departure for example of technicians with advanced technology outside the occupied lands is one sign of this. um, we're also looking at the fact that when you have these types of figures to be higher uh in israel, uh like consumer goods for example, 50 to 70% more expensive in israel versus the average price levels on oecd member countries, well that just shows how bad things are for israelis and of course that doesn't reflect well when it comes to the consumer confidence. um let's move to the next uh graph and see what we have over there uh this is the uh impact that the war has had and there's now number of fronts but there are wars in involved uh obviously the deficit keeps going higher, public spending uh, as matter of fact in terms of the funds available keeps getting lower, at this point we're looking at the gdp loss of $14 billion dollars based on what we're seeing here, so obviously that's not a good sign, finally um here are the numbers when it comes to isr

consumer goods for example, 50 to 70% more expensive in israel versus the average price levels in oecd member countries, well that just shows how bad things are for israelis and of course that doesn't reflect well when it comes to the consumer confidence. um, let's move to the next uh graph and see what we have over there uh, this is the uh impact that the war has had and there's now number of fronts with the wars involved uh, obviously the deficit keeps going higher, public spending uh, as matter of fact in terms of the funds available keeps getting lower, at this point we're looking at uh the... gdp loss of 14 billion based on what we're seeing here, so obviously that's not a good sign, finally here are the numbers when it comes to israel's leaving the occupied lands at this point. are looking at uh what percentage moving abroad? 28%. uh, that's almost a third, number that may rise dramatically because of the situation in the west bank, um, which is um, many are hoping that it's not going to turn out to be as bad as the gaza strip or even close to it, and of course you see the rest,

we support the fund created by the african union a oecd to improve transparency in p■)ictrument ths toounce the great potential aan nations which are strengthening their ties to a free trade area on a continental stage. for too long, africa has mist understood and exploited, . africa is c■]tint that can surprise in con what is extraordinary about it. us to ce applications and build with them new opportunities with peer-to-peer approach in order to grow together. we want to do it not through anh facts. intentions into building blocks,Ñ■2 my wish fors that new opportunities, but in particular concrete answers, may irise from this meeting. now the word goes to the president of the united states, joe i thank again. hello, everyone. you may have heard me say this b thi w an inflection point in history that occurs every seven generations. and the decisions i think we ke now will determine the course of our future for the next five or six decades. i believe in the infrastructure we're building and the investments we're making thru we on a fundamentallytrse be the case. look at the progress ov

consumer goods for example, 50 to 70% more expensive in israel versus the average price levels in oecd member countries, well that just shows how bad things are for. israelis and of course that doesn't reflect well when it comes to the consumer confidence. um, let's move to the next uh graph and see what we have over there. uh, this is the uh impact that the war has had and there's now number of fronts with the wars involved uh, obviously the deficit keeps going higher, public spending uh as matter of fact in terms of the funds available keeps getting lower. at this point we're looking at uh the gdp loss of uh billion dollars based on what we're seeing here, so obviously that's not a good sign, finally here are the numbers when it comes to israel's leaving the occupied lands, at this point we are looking at what percentage moving abroad, 28%, that's almost a third, number that may rise dramatically because of the situation in the west bank, which is many are hoping that it's not going to turn out to be as bad as the gaza strip or even close to it, and of course see the rest, this perce

my colleague was talking about the oecd, but there are standards with the wto and many more. if we look at the geopolitics, what is happening right now in the world, i think it is getting scarier. each day, the turbulence, the conflicts around the world actually have a huge implication on our economy. when you have reliable trading partners, if you have strong and resilient transatlantic relations, even during the most severe crisis, you actually see the trade growing. last year, we had 1.3 trillion euros between the eu and u.s. last year would be almost 5% higher. one of the reasons for growth was that in europe, we had to make a huge change because of european overreliance on russian energy sources had been an issue , and they underestimated how much it cost. on top of that, you have to find where to buy new resources. most of the growth of the trade is a do to the eu buys a lot of lng. if you need to change more than 60% of your energy resources, you have to pay the price and you have to rely on your allies. we can go sector by sector. if you want to find alternative or ha

we start today's show looking at the latest numbers from the oecd. in terms of global gdp, the organization is now expecting this will rise to 3.3% next year and again in 2026. with resilience, global growth expected to continue. this is according to the new report from the oecd, but the group warned the strong headline figure is masking significant differences across regions and countries with plenty of uncertainty on the horizon, including the threat of terrorists and geopolitical escalations. in terms of some data we're also getting this morning, i want to share with you the latest pmi affairs for the eurozone. bear in mind these are the final readings. let me get a check on what those are. the composite figure came in at 48.3. this is just slightly higher from the earlier figure of 48.1. in terms of services, pmis for the eurozone, they came in at 49.5. and again, this is also slightly higher from the initial number. nonetheless, both readings still below the 50 line, of course indicating contraction in the reading. and we knew the overall messag

inflation for instance is below that of the oecd due to a very early and determined actions on the part of the central bank when they saw inflation would be a problem long before the fed ramped up. that's a testimony to the increase professionali competence of the macro economic authorities in the region and something we need to defend. on the other hand we are not to figure out the time was6. it may ease up a little bit because countries have been performing better the last couple of months but nowhere enough to facilitate economic mobility and since the 2010 the region was g owd was growing at 3.1 percent. it is underperforming with a combination in the short of weak commodity prices and low growth in the united. but in the longer term there is structural issues from infrastructure problems to the structure of the social protection system and in this particular case the competitive environment of structural issues and the chapter 1 leading to chapter 2 and you find that is a major contributor to this growth growth. often. you mr cost for lower quality goods and services. which also th

60 believe that that's in a notoriously patriarchal country, with the largest gender pay gap in the oecd, a group of mostly rich countries. we know education is a key predictor of political affiliation well, the economist analyzed polling data of 18 to 29 year olds from 20 rich countries they found that the gap in political affiliation across gender lines is about twice the size of the gap in affiliation between those with a college degree and those without one. why are we seeing this growing divide between men and women? part of the issue is social media, which is rife with right wing voices targeting young men, describing a world stacked against them. but another big reason is education in 1998, 21% of men in oecd countries had an advanced education compared to 19% of women today. that advantage has reversed and 45% of women have advanced education compared to just 37% of men. an education, as i mentioned earlier drives political affiliation. this underscores an uncomfortable reality behind the numbers women have made progress in recent years, and some men appear to resent it. south ko

once again dead last in the oecd. so i think we ought to approach the question with some -- what can and should be accomplished on the side of taxing business. overall though, i mean we do have a challenge that needs to be met. the thing we haven't talked about yet is, is what really is the challenge in our budget situation. >> i don't want to get the shower to stay on -- talk about taxes. because one of my question is what do we do about the trip overall and all the expiring tax provision? >> personally, i think they should be extended. and they should, i mean there's lots of stuff that can be done at the margins, but the last thing i would look to to impose a tax increase above what we have now is not the individual stuff i mean, it's the corporate stuff because that is the seed corn of our country. and i think we have to accept that the tcja would put a real fiscal challenge on us. but where i i was trying to go was, what that fiscal challenge should force us to do is start addressing the real drivers of our defici

there are some in the oecd about how to regulate and regular recognise it.is facing a crippling strike of united date heard a vote on a new contract. more than 30,000 workers could reject a deal agreed by the company and the union. it includes a 25% wage hike and a commitment to build the next commercial aeroplane in the seattle area. the new chief executive urges workers to support the grant rather than support the grant rather than support industrial action. the proposed strait could cost boeing an estimated $3 billion. there was presidential debate drew millions of television viewers. it topped 51 million views received by thejune debate. the event on tuesday was also the first time that, harrison trump met face—to—face. popular rapper eminem hasjust made billboard history. curtain call: the hits — eminem's first collection of his biggest and most popular singles — has now spent 700 weeks on the billboard chart. that is more than 13 years. that is more than 13 years. that is more than 13 years. that is it for this edition. please join us that is it for th

and the advantage of having the g7 look at it and the g7 is also working with the oecd to include morest the seven involved there, the advantage really is that we take a risk—based approach. what that means is we look at the technology and ensure has been to good use, we have guidelines in place to ensure that consumers are protected, but we make sure we don't have geographic specific approaches that might hinder the development and the effective deployment of ai technologies. an impact what companies bring them as you have said before. what progress are using in terms of having that kind of a framework? a lot of great progress. the progress is obviously on the guidelines, the risk—based approach that looking at other areas, cyber security, for example, where an announcement yesterday for a number of companies, they came out of the white house looking at a g7 approach to cyber security for energy, using al to improve cyber security there. it is also looking at al across a variety of different industries, medical applications, education, healthcare. they would argue contrary to the imf

as of two years we are part of oecd countries. that means costa rica can even join, let's say, usmca. why not? there pretty good high standards for costa rica can get to those. kafta dr prepared us for that. again that doesn't mean if we start brother trade agreements, that doesn't mean we're going to leave one behind. but it's going to, if we can give more and we can have higher standards, if a country can do that, why not? thank you. >> let me ask you about singapore's trade agenda. will the u.s. is moved away from negotiating traditional trade agreements, singapore has charged ahead, you've not implemented 27 fta's. within singapore do you think of those is just part of your economic agenda or do you also think about them as part of a foreign policy tool? >> well, i would start off by saying that trade is three times the gdp in singapore. we obviously know the position i will take. i believe in the rules-based trading system. how it was forged by the u.s. coming out of world war ii and has over the decades contributed i think,