parag: we will have a lot more regional integration.orth america, europe, and asia, and the supply chains are shifting. global, far-flung supply chains for energy and manufacturing. some of the key strategic areas like pharmaceuticals -- near shoring in the north american context in light of usmca could just as likely mean mexico. just as within asia, china is pulling back -- japan is pulling back from some of those investments. southeast asia is the primary beneficiary of that. it has been for the last 10 years because of the wage differential, fast-growing markets, the way in which they have been performing and because they are part of a global trade agreement. supply chains operate in complex ways, but i do see because interregional trade is strong, i would say we have overestimated the extent to which asian economies depend on those finished goods being exported to north america and europe. that obviously matters considerably. andvolume of consumption intraregional trade in consumption have been strong. there is a great divergence g