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so

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so

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[Applause]

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welcome everybody we're starting the

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next session at the

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globe sac conference the session where

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we're going to be discussing

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the future of trade and here with me on

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stage i'm joined by wilhelm malter

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chairman of the board of directors at

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globsec thank you for being here

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and we are joined virtually on stream by

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cecilia marmstrom who is of course the

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former european commissioner for trade

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and now

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saga rios and professor school of

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business economics and law university of

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guttenberg we're joined by henry wang

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founder and president of the center for

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china and globalization from beijing

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thanks for being here

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and susan denger chief executive officer

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american chamber of commerce to the

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european union

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who is in brussels joining us from there

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welcome to all the speakers and welcome

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to all of you here in the room and

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everybody who is following this stream

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as before as uh maitrey and terry said

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of course we are very much looking

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forward to hear from you what you think

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about the future of trade and the future

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of global trade globalization

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you can join us on the globe sag app and

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send us your questions there i'm going

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to have an ipad here with me i'm going

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to be able to see them and bring them to

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all of our speakers

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here in the room and also joining us

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online and

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please share your questions your

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comments whatever you want to

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let us know what you think about such an

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important

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issue as global trade and the question

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here is

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has optimism been restored when it comes

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to global trade and of course

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the future of trade

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and to start this session we were trying

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to uh with the team with the globesec

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team and we were looking for

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for how to open that of course you

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cannot

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uh start with probably anything else

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rather than the news agenda and of

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course

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the big u.s eu summit that's happening

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now exactly at this very time in

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brussels

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this is huge this is the first uh the

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first visit of president biden in europe

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and of course he

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arrived and his first message was that

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the united states

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is back and i'm gonna quote him here

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when he

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spoke about the the importance of

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relations in the cooperation he said the

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alliances

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are not maintained by threats they're

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grounded in democratic ideas

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a shared vision for the future where

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every voice

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matters and of course there are so many

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aspects and issues on the agenda when it

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comes to biden's visit in europe to the

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european union

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and yet trade is

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very much a make it or break it

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situation miss mumstone what's your take

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on that what's your take

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and what do you expect for this optimist

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to be restored or has it been restored

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yet

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well it's gradually getting there but of

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course there's a lot of work to be done

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globally also after the post covered

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crisis but the fact that president biden

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meets with his european counterparts is

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good news um we will see what comes out

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of it concretely there's always

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already been leaks that there is a

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solution or at least

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the frame of a solution to the very old

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conflict between the eu and u.s

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on aircraft subsidies on boeing

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and airbus this might sound technical

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but it's a

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conflict that's been going on for 18

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years now and if there's a solution to

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that

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that is very good news i also hope that

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they will discuss

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the creation of a suggested trade and

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technical

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council which would be a forum where

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trade issues could be discussed

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global supply chains um issues in in a

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broader sense a standard for instance

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what to do with the lack of

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semiconductors

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how can eu and u.s cooperate further on

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on standard

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certificates impact assessment etc and

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that is also something that

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both partners especially business are

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looking forward because it's always good

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to have

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views around the table and see what in

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the future you can set

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standards in cyber in

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green technology and in emerging

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technologies if we have a

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transatlantic joint standard on these

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services and goods it would be a good

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thing for global trade and for trust

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and then there's of course the the issue

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of uh

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tariffs on steel and aluminium that uh

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president trump put on europe and many

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other

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partners or or countries of the world

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and the eu

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consider them as a illiterate and that

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they should be lifted

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we haven't heard anything from the

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american administration on this yet so i

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hope that at least there would be some

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sort of

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time framework rolled out for this

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because this would be seen as a true

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sign of a stronger

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new relationship on the trade area well

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i guess we're all looking forward to

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hear what we're gonna hear just in about

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a few hours probably from brussels and

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from those meetings happening there

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well um susan we discussed with you

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the restored optimism just a couple of

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weeks

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ago and there was such a feeling of

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completely

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new agenda and the new situation now

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what's your take with the

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president biden there being in brussels

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and having those negotiations with trade

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very much on the agenda

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yes yes good afternoon everybody indeed

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i'm

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i think the word is the optimism still

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there sasha and and fellow panelists

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i think um bearing in mind as i was

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saying to cecilia earlier

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i'm sitting here in brussels and there

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are helicopters overhead quite a lot of

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noise

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out there may not be from the citizens

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very positive but i think um

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we can safely say there is a positive

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mood of making progress

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and not only is president biden here

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which i think is a great sign in that

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it's his

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first his first overseas visit is to

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europe

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very positive sign but he's brought with

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him as

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many cabinet members as well so there

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are quite a considerable number of

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meetings going on it's just not

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you know in the margins of that so big

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feeling of optimism i think i mean i'd

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have to agree with

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um cecilia there with regard to

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expectations you know there's still a

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sense of realism i think the first step

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is to rebuild trust

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so optimistic that we're working on that

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but we do need to still address

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what was already mentioned what we call

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the irritants they're not even

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necessarily low hanging fruit but we do

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need to address

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aircraft subsidies yes the rumors out

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that there's a solution on the table we

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do need to address

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section 232 i think there's a bit of

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optimism but there's still some

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stumbling blocks there so it's not a

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given that we're going to be able to

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address that

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so i think with regard to optimism

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unless we can address that i'm not sure

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how

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far forward we're going to move on the

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other areas privacy shield is another

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one we've got to address that

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uh we need a sustainable system for data

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transfers

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and also wto but in in brief

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um yes maybe i could just mention sasha

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the three things that we'd expect to

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that that point

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we would like to see coming out of this

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uh one

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that both sides in this summit put

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together measures for supporting

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economic

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recovery that has to go first i think

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we're seeing that coordinate for example

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and everything level travel restrictions

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between

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uh the us and the eu um the second one

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is reducing the barriers to trade which

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i mentioned but

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it's more than that it's deepening

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regulatory cooperation and i'm thinking

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thirdly what we'd expect to see and

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there is some optimism on that cecelia

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referred to that with the trade and tech

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council

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absolutely we need to outline outline a

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road map for emerging issues

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for a green and digital future and i'm

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sure we can elaborate on that further

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thank you so much susan um wilhelm what

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do you think about that because i've

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seen you know

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noting well i would say there is a lot

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of reasons for

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optimism but what is even more important

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there is an

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urgent need for restoring trade because

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if you want to have a sustainable

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recovery path

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you need trade full stop because trade

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is

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really one of the fundamentals to

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increase

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let's say that the growth perspective

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the job perspective for people around

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the world

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but thirdly i share susan's view it's a

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hard work to be done

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and we should have also a portion of

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realism on that

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what is the reason why i think it's it's

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it's

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it's it's it's at the right time for

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being optimistic

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first with biden administration

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multilateralism seems to be back

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and this is for me the key thing because

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what happened with wdo

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over the last 15 years is a terrible

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thing

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which was which was definitely hurting

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global trade that means restoring the

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strength of wto

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is first and the critical element second

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cecile had mentioned the question of a

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global rule

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we need a global rulebook for this let's

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say trade agreements

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and maybe this is worth to dig a bit

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deeper into we have a lot of elements

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for instance sdgs could be one of these

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global role books because we have a

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broad consensus amongst the global

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community on that

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and third i think we should concentrate

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on a few

290
00:10:09,120 --> 00:10:12,240
on a few aspects specifically

291
00:10:12,240 --> 00:10:15,279
we have the climate agreement and

292
00:10:15,279 --> 00:10:17,600
climate agreement can be a boost for

293
00:10:17,600 --> 00:10:18,079
global

294
00:10:18,079 --> 00:10:20,720
trade as we have also a joint fundament

295
00:10:20,720 --> 00:10:22,240
on that

296
00:10:22,240 --> 00:10:24,480
think for instance about sustainable

297
00:10:24,480 --> 00:10:27,040
finance and the issue of taxonomy

298
00:10:27,040 --> 00:10:29,440
this could bring also an additional as a

299
00:10:29,440 --> 00:10:32,480
layer of certainty and regulation

300
00:10:32,480 --> 00:10:35,680
think about the initiative of the g7 on

301
00:10:35,680 --> 00:10:38,720
taxation of corporates this is a good

302
00:10:38,720 --> 00:10:40,399
sign for me

303
00:10:40,399 --> 00:10:43,440
cecilia has mentioned the data security

304
00:10:43,440 --> 00:10:44,560
cyber security

305
00:10:44,560 --> 00:10:47,200
this is an issue that affects everybody

306
00:10:47,200 --> 00:10:48,079
and everybody

307
00:10:48,079 --> 00:10:51,120
is definitely interested in that and one

308
00:10:51,120 --> 00:10:54,560
of the lessons learned out of kovite 19

309
00:10:54,560 --> 00:10:58,320
it's a pandemic full stop which needs a

310
00:10:58,320 --> 00:10:59,040
global

311
00:10:59,040 --> 00:11:01,839
answer and these i think are elements we

312
00:11:01,839 --> 00:11:03,200
should concentrate on

313
00:11:03,200 --> 00:11:05,600
really to do a step-by-step approach you

314
00:11:05,600 --> 00:11:06,240
cannot

315
00:11:06,240 --> 00:11:09,519
sort out everything in one shot

316
00:11:09,519 --> 00:11:12,240
but if if you go for for this approach

317
00:11:12,240 --> 00:11:15,920
and this european us approach

318
00:11:15,920 --> 00:11:17,920
could be really the driver of of of

319
00:11:17,920 --> 00:11:19,839
success also in

320
00:11:19,839 --> 00:11:22,399
the rule setting which i think is one of

321
00:11:22,399 --> 00:11:23,760
the key aspects of

322
00:11:23,760 --> 00:11:26,480
creating trust was also mentioned in the

323
00:11:26,480 --> 00:11:28,000
previous speakers

324
00:11:28,000 --> 00:11:30,160
let's ask now let's go to henry wang

325
00:11:30,160 --> 00:11:31,680
founder and president of the center for

326
00:11:31,680 --> 00:11:33,760
china and globalization in beijing

327
00:11:33,760 --> 00:11:35,839
uh mr wang how do you share this

328
00:11:35,839 --> 00:11:37,760
optimism has it been restored

329
00:11:37,760 --> 00:11:40,839
are we on the way there are we getting

330
00:11:40,839 --> 00:11:42,079
there

331
00:11:42,079 --> 00:11:43,920
well thank you thank you for inviting me

332
00:11:43,920 --> 00:11:45,360
to this great event

333
00:11:45,360 --> 00:11:49,040
and uh i think there is some uh optimism

334
00:11:49,040 --> 00:11:52,320
there because uh with the world bank has

335
00:11:52,320 --> 00:11:54,399
just recently released global

336
00:11:54,399 --> 00:11:57,360
economic prospect report but basically

337
00:11:57,360 --> 00:11:58,000
we see

338
00:11:58,000 --> 00:12:01,760
a quick recovery uh from uh china u.s

339
00:12:01,760 --> 00:12:02,720
european countries

340
00:12:02,720 --> 00:12:05,360
and that is really caused by these trade

341
00:12:05,360 --> 00:12:06,800
activities as well

342
00:12:06,800 --> 00:12:08,800
we see the you know globalization and

343
00:12:08,800 --> 00:12:10,000
global trade has been

344
00:12:10,000 --> 00:12:12,560
basically a prosperity builder for the

345
00:12:12,560 --> 00:12:15,200
last 75 76 years after the second world

346
00:12:15,200 --> 00:12:15,920
war

347
00:12:15,920 --> 00:12:17,680
we are avoiding the third world war

348
00:12:17,680 --> 00:12:18,959
because we had

349
00:12:18,959 --> 00:12:22,839
trade and that's really a fantastic

350
00:12:22,839 --> 00:12:25,680
of build build up the

351
00:12:25,680 --> 00:12:27,920
prosperity of the world now but we do

352
00:12:27,920 --> 00:12:28,880
see the the

353
00:12:28,880 --> 00:12:30,959
the challenges the deglobalization we

354
00:12:30,959 --> 00:12:32,079
see populism

355
00:12:32,079 --> 00:12:35,279
nationalism and all those

356
00:12:35,279 --> 00:12:37,760
you know forces are playing in strong

357
00:12:37,760 --> 00:12:38,639
but um

358
00:12:38,639 --> 00:12:40,880
you know i think from my perspective uh

359
00:12:40,880 --> 00:12:41,760
that we still

360
00:12:41,760 --> 00:12:45,360
uphold the wto because uh

361
00:12:45,360 --> 00:12:47,760
this has been now we have a new dj and

362
00:12:47,760 --> 00:12:48,480
we have a

363
00:12:48,480 --> 00:12:50,880
four dj now appointed including one from

364
00:12:50,880 --> 00:12:53,279
china so we hope that w2 including on a

365
00:12:53,279 --> 00:12:54,160
digital economy

366
00:12:54,160 --> 00:12:55,680
on the trade facilitation and the

367
00:12:55,680 --> 00:12:57,600
investment facilitation we can

368
00:12:57,600 --> 00:13:01,279
build up the further uh mechanism for

369
00:13:01,279 --> 00:13:04,079
rally the global trade and that's all

370
00:13:04,079 --> 00:13:05,279
the old countries

371
00:13:05,279 --> 00:13:07,839
efforts including u.s eu and china but

372
00:13:07,839 --> 00:13:10,160
also second i think that the regional

373
00:13:10,160 --> 00:13:13,200
trade is is booming as well china and

374
00:13:13,200 --> 00:13:15,360
asean now become the largest trade

375
00:13:15,360 --> 00:13:16,880
partner with china we just had

376
00:13:16,880 --> 00:13:20,320
rcep which is one of the largest

377
00:13:20,320 --> 00:13:23,519
free trade deal in the world now and uh

378
00:13:23,519 --> 00:13:25,279
accounts about one third of the global

379
00:13:25,279 --> 00:13:27,200
trade and global population

380
00:13:27,200 --> 00:13:30,240
and and gdp probably but also we see

381
00:13:30,240 --> 00:13:32,639
uh not too long ago uh china the eu has

382
00:13:32,639 --> 00:13:34,720
reached a comprehensive investment

383
00:13:34,720 --> 00:13:36,720
treaty even now we are facing some

384
00:13:36,720 --> 00:13:39,279
challenges but i still hope that that

385
00:13:39,279 --> 00:13:41,120
treaty is really enormous beneficial to

386
00:13:41,120 --> 00:13:42,240
the europe european

387
00:13:42,240 --> 00:13:45,920
companies we just had the eu

388
00:13:45,920 --> 00:13:47,760
chamber of commerce contacted the server

389
00:13:47,760 --> 00:13:50,240
in china with several hundredths members

390
00:13:50,240 --> 00:13:52,160
most of them still wants to be in china

391
00:13:52,160 --> 00:13:53,839
most of them are very profitable in

392
00:13:53,839 --> 00:13:55,440
china and most of them

393
00:13:55,440 --> 00:13:58,000
no not really anybody wants to get out

394
00:13:58,000 --> 00:13:59,360
of this market so you can see

395
00:13:59,360 --> 00:14:03,040
the big growing class 400 million

396
00:14:03,040 --> 00:14:04,880
middle class could be 500 million in a

397
00:14:04,880 --> 00:14:06,320
few years time it's going to be the

398
00:14:06,320 --> 00:14:07,920
largest attractive market in the world

399
00:14:07,920 --> 00:14:09,199
and then that could generate a great

400
00:14:09,199 --> 00:14:09,839
trade

401
00:14:09,839 --> 00:14:13,360
since china jumped w2 china's trade

402
00:14:13,360 --> 00:14:16,880
export as a gang uh seven times

403
00:14:16,880 --> 00:14:19,440
but china's import from the world has

404
00:14:19,440 --> 00:14:21,440
gone up six times so it's a it's a

405
00:14:21,440 --> 00:14:24,240
really uh uh mutually beneficial and you

406
00:14:24,240 --> 00:14:25,680
see all the european companies including

407
00:14:25,680 --> 00:14:27,600
u.s companies are very profitable

408
00:14:27,600 --> 00:14:30,000
uh all major 45 countries are china so i

409
00:14:30,000 --> 00:14:31,920
think the trade we need to really

410
00:14:31,920 --> 00:14:34,160
sustain that and really getting this

411
00:14:34,160 --> 00:14:35,120
pandemic

412
00:14:35,120 --> 00:14:38,480
crisis out of the uh

413
00:14:38,480 --> 00:14:40,800
deteriorating we have to uh you know

414
00:14:40,800 --> 00:14:41,680
work our trade

415
00:14:41,680 --> 00:14:43,279
and for example last year even during

416
00:14:43,279 --> 00:14:45,839
the pandemic china european continental

417
00:14:45,839 --> 00:14:46,480
train

418
00:14:46,480 --> 00:14:49,040
has actually increased 50 times uh you

419
00:14:49,040 --> 00:14:50,320
know almost the 12

420
00:14:50,320 --> 00:14:53,839
000 dispatches of trains has been

421
00:14:53,839 --> 00:14:56,959
from china to eu and eu to china so so

422
00:14:56,959 --> 00:14:58,320
the problem now we still have a

423
00:14:58,320 --> 00:14:59,600
protectionism

424
00:14:59,600 --> 00:15:02,160
you know for example the uss trump

425
00:15:02,160 --> 00:15:04,000
administration has levied about

426
00:15:04,000 --> 00:15:07,519
360 billion uh u.s dollar

427
00:15:07,519 --> 00:15:10,079
tax on china that is really great damage

428
00:15:10,079 --> 00:15:11,199
to the to the u.s

429
00:15:11,199 --> 00:15:13,600
business to the u.s consumers and not

430
00:15:13,600 --> 00:15:14,800
good for the world so

431
00:15:14,800 --> 00:15:16,480
so i think how we can really get back on

432
00:15:16,480 --> 00:15:18,480
that when we see some

433
00:15:18,480 --> 00:15:21,680
regional uh uh prosperity we have asked

434
00:15:21,680 --> 00:15:22,720
it now we have

435
00:15:22,720 --> 00:15:25,760
cp tpp and hopefully the

436
00:15:25,760 --> 00:15:29,040
uk is one to the joint cptvp china also

437
00:15:29,040 --> 00:15:31,199
expressed desire to join cptpp so we can

438
00:15:31,199 --> 00:15:33,120
talk about all those trade issues

439
00:15:33,120 --> 00:15:35,360
through the multilateral platform so i'm

440
00:15:35,360 --> 00:15:36,480
still hopeful

441
00:15:36,480 --> 00:15:39,279
that rational will prevail will

442
00:15:39,279 --> 00:15:40,320
geopolitical

443
00:15:40,320 --> 00:15:43,120
and cold war mentality cannot really

444
00:15:43,120 --> 00:15:45,440
sustain because we have to avoid

445
00:15:45,440 --> 00:15:48,880
the further you know geopolitical

446
00:15:48,880 --> 00:15:51,519
disaster now we have to avoid the

447
00:15:51,519 --> 00:15:52,800
pandemic disaster

448
00:15:52,800 --> 00:15:54,560
we have to work together and i think

449
00:15:54,560 --> 00:15:55,839
that is really

450
00:15:55,839 --> 00:15:57,759
all the trade is about i mean it's such

451
00:15:57,759 --> 00:15:59,680
a great thing that we need to continue

452
00:15:59,680 --> 00:16:00,240
to

453
00:16:00,240 --> 00:16:02,720
strongly support that but of course

454
00:16:02,720 --> 00:16:04,160
there is very interesting news

455
00:16:04,160 --> 00:16:06,000
agenda that's happening now as we are

456
00:16:06,000 --> 00:16:08,240
speaking here we had the g7 meeting

457
00:16:08,240 --> 00:16:09,759
then we had the nato summit that we are

458
00:16:09,759 --> 00:16:11,680
now heading the eu us

459
00:16:11,680 --> 00:16:13,440
summit right now in brussels and of

460
00:16:13,440 --> 00:16:14,959
course when it comes to china this is

461
00:16:14,959 --> 00:16:16,880
also very interesting aspect that

462
00:16:16,880 --> 00:16:19,839
it comes to the g7 meeting and the nato

463
00:16:19,839 --> 00:16:21,199
meeting yesterday uh

464
00:16:21,199 --> 00:16:22,720
china was singled out in both

465
00:16:22,720 --> 00:16:24,639
communiques and the leaders expressed

466
00:16:24,639 --> 00:16:25,839
their concerns saying

467
00:16:25,839 --> 00:16:28,000
over china's growing influence now we've

468
00:16:28,000 --> 00:16:29,199
heard from beijing

469
00:16:29,199 --> 00:16:30,720
accusing the g7 of political

470
00:16:30,720 --> 00:16:34,800
manipulation and after it criticized

471
00:16:34,880 --> 00:16:37,759
china over the range of issues now in

472
00:16:37,759 --> 00:16:40,160
this situation

473
00:16:40,160 --> 00:16:42,560
how to find that optimism and how to

474
00:16:42,560 --> 00:16:44,560
restore that because

475
00:16:44,560 --> 00:16:47,360
it might seem sometimes that when it

476
00:16:47,360 --> 00:16:48,240
comes to the us

477
00:16:48,240 --> 00:16:49,839
china and the new administration in

478
00:16:49,839 --> 00:16:51,279
washington

479
00:16:51,279 --> 00:16:53,759
that there is more uh optimism when it

480
00:16:53,759 --> 00:16:56,639
comes to the u.s and eu cooperation

481
00:16:56,639 --> 00:17:00,480
where is china standing there mr one

482
00:17:00,800 --> 00:17:02,880
well well i think that that because i

483
00:17:02,880 --> 00:17:04,000
think as time

484
00:17:04,000 --> 00:17:05,919
goes on people will see the fact we see

485
00:17:05,919 --> 00:17:07,039
the numbers

486
00:17:07,039 --> 00:17:09,039
china is still the largest uh growing

487
00:17:09,039 --> 00:17:10,799
economy in the world and uh

488
00:17:10,799 --> 00:17:12,480
china contribute over one third of the

489
00:17:12,480 --> 00:17:14,000
global gdp growth

490
00:17:14,000 --> 00:17:15,760
china is the only country that in the

491
00:17:15,760 --> 00:17:18,000
world is free to go anywhere there's

492
00:17:18,000 --> 00:17:19,599
only a few cases a day

493
00:17:19,599 --> 00:17:23,039
of covering coming up so so you see

494
00:17:23,039 --> 00:17:25,119
i mean people will probably take some

495
00:17:25,119 --> 00:17:27,039
time to get used to and

496
00:17:27,039 --> 00:17:29,679
see that okay here's a different china

497
00:17:29,679 --> 00:17:30,960
you know then we have a little different

498
00:17:30,960 --> 00:17:32,799
system but they really i mean

499
00:17:32,799 --> 00:17:34,320
it's like benjamin said doesn't matter

500
00:17:34,320 --> 00:17:36,160
white cat black cat

501
00:17:36,160 --> 00:17:37,919
let's not focus so much on the

502
00:17:37,919 --> 00:17:39,280
ideological stuff

503
00:17:39,280 --> 00:17:41,280
if this works for china if this actually

504
00:17:41,280 --> 00:17:42,960
can lead to 800 million people out of

505
00:17:42,960 --> 00:17:43,760
property

506
00:17:43,760 --> 00:17:46,160
represent 70 percent of a global poverty

507
00:17:46,160 --> 00:17:47,120
reduction

508
00:17:47,120 --> 00:17:50,080
let it be so i think we need to probably

509
00:17:50,080 --> 00:17:51,200
a mutual

510
00:17:51,200 --> 00:17:52,880
understanding and china of course has to

511
00:17:52,880 --> 00:17:54,559
do better and

512
00:17:54,559 --> 00:17:57,280
narratives and communication like

513
00:17:57,280 --> 00:17:59,039
president xiu said build a

514
00:17:59,039 --> 00:18:02,559
credible lovable and trustworthy china

515
00:18:02,559 --> 00:18:04,400
image as well i think we have a lot of

516
00:18:04,400 --> 00:18:06,080
work to do on that but on the other hand

517
00:18:06,080 --> 00:18:07,200
i don't think that

518
00:18:07,200 --> 00:18:11,760
g7 countries or eu us

519
00:18:11,919 --> 00:18:14,400
countries should really focus on china

520
00:18:14,400 --> 00:18:16,559
as if we have an imaginary

521
00:18:16,559 --> 00:18:18,880
rivalry of of some kind you know we're

522
00:18:18,880 --> 00:18:20,400
all human beings we let's find the

523
00:18:20,400 --> 00:18:21,600
common threads of

524
00:18:21,600 --> 00:18:24,400
pandemic let's fight the kobe 19 and

525
00:18:24,400 --> 00:18:26,400
also climate change

526
00:18:26,400 --> 00:18:28,559
cyber security and all the other issues

527
00:18:28,559 --> 00:18:30,080
not just uh

528
00:18:30,080 --> 00:18:33,200
artificially creating some uh

529
00:18:33,200 --> 00:18:35,679
uh geopolitical issues and and then

530
00:18:35,679 --> 00:18:37,520
really we have an imaginary

531
00:18:37,520 --> 00:18:39,360
rivalry and the last rally on that i

532
00:18:39,360 --> 00:18:40,799
don't think that is really worked for

533
00:18:40,799 --> 00:18:42,240
because we are already in the 21st

534
00:18:42,240 --> 00:18:43,039
century

535
00:18:43,039 --> 00:18:45,679
we are such so much intertwined china

536
00:18:45,679 --> 00:18:47,679
already supplies the world and the world

537
00:18:47,679 --> 00:18:49,520
really invests in china

538
00:18:49,520 --> 00:18:51,280
well you know i mean all the european

539
00:18:51,280 --> 00:18:52,960
car manufacturers sells more cars in

540
00:18:52,960 --> 00:18:54,160
china than they are than

541
00:18:54,160 --> 00:18:57,440
they ho and you know i mean

542
00:18:57,440 --> 00:19:00,240
u.s company the same so why i mean why

543
00:19:00,240 --> 00:19:01,280
can't we have this

544
00:19:01,280 --> 00:19:02,880
you know this contradictory on the white

545
00:19:02,880 --> 00:19:04,559
house we all have to do business

546
00:19:04,559 --> 00:19:07,760
we need to need business uh to to trade

547
00:19:07,760 --> 00:19:09,120
with china

548
00:19:09,120 --> 00:19:11,200
but another on the other hand we will

549
00:19:11,200 --> 00:19:13,679
you know downplay china or

550
00:19:13,679 --> 00:19:15,520
imaginary china as a rivalry because

551
00:19:15,520 --> 00:19:17,120
that doesn't make sense i think as time

552
00:19:17,120 --> 00:19:18,720
goes on people will realize

553
00:19:18,720 --> 00:19:20,880
china is okay china never signed any

554
00:19:20,880 --> 00:19:21,840
soldier anywhere

555
00:19:21,840 --> 00:19:24,400
never colonized any places never invade

556
00:19:24,400 --> 00:19:25,280
any countries

557
00:19:25,280 --> 00:19:26,720
china has a peaceful country that lasts

558
00:19:26,720 --> 00:19:28,240
four decades thousands of years like

559
00:19:28,240 --> 00:19:28,799
that

560
00:19:28,799 --> 00:19:31,120
so we probably need time to accept

561
00:19:31,120 --> 00:19:32,880
because it's a different culture

562
00:19:32,880 --> 00:19:34,480
as a different history they may have a

563
00:19:34,480 --> 00:19:36,160
different system we got to live with

564
00:19:36,160 --> 00:19:39,840
that system

565
00:19:40,559 --> 00:19:42,240
that's about finding that very balanced

566
00:19:42,240 --> 00:19:43,840
and finding the new way of working

567
00:19:43,840 --> 00:19:45,280
when it comes to the optimism when it

568
00:19:45,280 --> 00:19:47,520
comes to global trade and the balance

569
00:19:47,520 --> 00:19:49,280
between the european union the united

570
00:19:49,280 --> 00:19:50,559
states and china

571
00:19:50,559 --> 00:19:51,919
things have to be developed there

572
00:19:51,919 --> 00:19:53,200
because this is you know when it comes

573
00:19:53,200 --> 00:19:54,720
to the global trade we are talking about

574
00:19:54,720 --> 00:19:55,440
the three

575
00:19:55,440 --> 00:19:57,760
major players and this without any sort

576
00:19:57,760 --> 00:19:58,559
of balance

577
00:19:58,559 --> 00:20:00,720
between these countries it is impossible

578
00:20:00,720 --> 00:20:02,159
to to have

579
00:20:02,159 --> 00:20:03,919
too much of optimism what's your take on

580
00:20:03,919 --> 00:20:04,960
that because of course this is a

581
00:20:04,960 --> 00:20:06,480
situation that has been dragging on and

582
00:20:06,480 --> 00:20:08,080
on and now when the global economy and

583
00:20:08,080 --> 00:20:09,200
the global trade is sort of at a

584
00:20:09,200 --> 00:20:10,159
crossroads

585
00:20:10,159 --> 00:20:12,080
after more than a year of pandemic after

586
00:20:12,080 --> 00:20:13,600
such a shock to the global economy in

587
00:20:13,600 --> 00:20:14,400
global trade

588
00:20:14,400 --> 00:20:16,159
what's your take on finding that balance

589
00:20:16,159 --> 00:20:18,480
susan

590
00:20:18,640 --> 00:20:20,080
yeah finding the balance so maybe just

591
00:20:20,080 --> 00:20:21,679
to address on the on the china issue

592
00:20:21,679 --> 00:20:23,600
there and finding that balance indeed

593
00:20:23,600 --> 00:20:26,159
sasha um from the business point of view

594
00:20:26,159 --> 00:20:27,200
i mean yes

595
00:20:27,200 --> 00:20:29,520
mr wang stated it i mean we're so

596
00:20:29,520 --> 00:20:30,880
intertwined

597
00:20:30,880 --> 00:20:33,039
it's a global economy now there are

598
00:20:33,039 --> 00:20:34,240
three big players

599
00:20:34,240 --> 00:20:37,840
eu us china we all need each other

600
00:20:37,840 --> 00:20:41,280
um china is eu's second major trading

601
00:20:41,280 --> 00:20:42,000
partner

602
00:20:42,000 --> 00:20:45,600
and for the eu sorry china

603
00:20:45,600 --> 00:20:48,080
is the first and but we we need each

604
00:20:48,080 --> 00:20:49,280
other

605
00:20:49,280 --> 00:20:51,520
but the our take on this as business is

606
00:20:51,520 --> 00:20:53,280
that we need to all sit down at the

607
00:20:53,280 --> 00:20:54,480
table together

608
00:20:54,480 --> 00:20:58,080
um indeed it's not a matter of um

609
00:20:58,080 --> 00:21:00,960
fighting it out we need to discuss and

610
00:21:00,960 --> 00:21:02,159
we're going to make

611
00:21:02,159 --> 00:21:05,200
better progress if we engage with china

612
00:21:05,200 --> 00:21:07,120
and and have a dialogue saying that

613
00:21:07,120 --> 00:21:09,280
there are some big concerns in order to

614
00:21:09,280 --> 00:21:10,640
find this balance i mean i think from

615
00:21:10,640 --> 00:21:12,080
the u.s point of view i can't speak on

616
00:21:12,080 --> 00:21:13,600
behalf of the us government

617
00:21:13,600 --> 00:21:15,919
um but certainly it's about it it's a

618
00:21:15,919 --> 00:21:16,799
bipartisan

619
00:21:16,799 --> 00:21:18,960
issue in the us perhaps the only

620
00:21:18,960 --> 00:21:20,640
bipartisan and there's a clear

621
00:21:20,640 --> 00:21:22,400
agreement on the approach to be taken

622
00:21:22,400 --> 00:21:24,559
there um

623
00:21:24,559 --> 00:21:27,520
from the um the business point of view

624
00:21:27,520 --> 00:21:29,600
as i said again we do feel very strongly

625
00:21:29,600 --> 00:21:30,880
that we do need to address

626
00:21:30,880 --> 00:21:33,679
issues of on what we consider unfair

627
00:21:33,679 --> 00:21:35,039
trade practices

628
00:21:35,039 --> 00:21:38,080
not market access intellectual property

629
00:21:38,080 --> 00:21:40,720
we do need to work together to try and

630
00:21:40,720 --> 00:21:41,600
make this

631
00:21:41,600 --> 00:21:44,159
a level playing field so i think to

632
00:21:44,159 --> 00:21:46,320
address that balance we need to do that

633
00:21:46,320 --> 00:21:48,640
first of all i mean one obvious area

634
00:21:48,640 --> 00:21:50,320
which we do need to address which would

635
00:21:50,320 --> 00:21:51,360
is interlinked with some of the

636
00:21:51,360 --> 00:21:53,120
discussions earlier is on the

637
00:21:53,120 --> 00:21:55,039
steel and aluminium tariffs so if you go

638
00:21:55,039 --> 00:21:57,039
back to the uh some of the trade

639
00:21:57,039 --> 00:21:58,000
disputes

640
00:21:58,000 --> 00:21:59,760
and the fact that these tariffs have

641
00:21:59,760 --> 00:22:01,200
been put in place

642
00:22:01,200 --> 00:22:03,200
um we want to get rid of these but the

643
00:22:03,200 --> 00:22:04,559
real solution to this

644
00:22:04,559 --> 00:22:07,120
is is addressing the sort of the global

645
00:22:07,120 --> 00:22:08,400
over capacity

646
00:22:08,400 --> 00:22:10,159
in steel and aluminium for that we do

647
00:22:10,159 --> 00:22:12,000
need need to sit down at the table with

648
00:22:12,000 --> 00:22:15,280
china and to address that so this this

649
00:22:15,280 --> 00:22:16,480
would go a long way

650
00:22:16,480 --> 00:22:18,880
to helping us sort of address some of

651
00:22:18,880 --> 00:22:21,280
these challenges together so

652
00:22:21,280 --> 00:22:23,600
i think overall sasha to address the

653
00:22:23,600 --> 00:22:24,480
balance i mean there's no

654
00:22:24,480 --> 00:22:27,760
easy answer but i'm going to bring up

655
00:22:27,760 --> 00:22:28,240
the word

656
00:22:28,240 --> 00:22:31,280
trust again and i believe that's such an

657
00:22:31,280 --> 00:22:32,000
important

658
00:22:32,000 --> 00:22:34,400
word whether it's the trust in the eu s

659
00:22:34,400 --> 00:22:35,760
relationship

660
00:22:35,760 --> 00:22:37,280
whether it's trust in the china

661
00:22:37,280 --> 00:22:40,000
relationship but we do need dialogue and

662
00:22:40,000 --> 00:22:41,200
we generally feel

663
00:22:41,200 --> 00:22:43,440
we genuinely feel i should say we need

664
00:22:43,440 --> 00:22:45,120
to sit down the table together and

665
00:22:45,120 --> 00:22:47,280
engage all parties together to find

666
00:22:47,280 --> 00:22:50,400
the solution to find that balance

667
00:22:50,400 --> 00:22:52,880
ms malstrom i would like to also ask you

668
00:22:52,880 --> 00:22:54,159
this question about

669
00:22:54,159 --> 00:22:57,520
finding that balance and as susan said

670
00:22:57,520 --> 00:22:59,200
to find that balance you've got to find

671
00:22:59,200 --> 00:23:01,039
and restore and start with the trust and

672
00:23:01,039 --> 00:23:02,640
then step by step going to finding that

673
00:23:02,640 --> 00:23:06,000
balance what's your take on that

674
00:23:06,159 --> 00:23:08,240
well it is a difficult but very

675
00:23:08,240 --> 00:23:09,440
important

676
00:23:09,440 --> 00:23:12,400
um journey to do this of course we have

677
00:23:12,400 --> 00:23:12,799
some

678
00:23:12,799 --> 00:23:15,840
some disagreements with the china in in

679
00:23:15,840 --> 00:23:17,760
trade when it comes to over capacity

680
00:23:17,760 --> 00:23:19,120
here when it comes to state-owned

681
00:23:19,120 --> 00:23:20,000
enterprises

682
00:23:20,000 --> 00:23:23,280
we have views on on human rights

683
00:23:23,280 --> 00:23:26,000
issues that are also affecting our

684
00:23:26,000 --> 00:23:26,960
relations

685
00:23:26,960 --> 00:23:30,080
but we also realize in europe that china

686
00:23:30,080 --> 00:23:30,640
is

687
00:23:30,640 --> 00:23:32,720
is a partner it's an economic partner we

688
00:23:32,720 --> 00:23:34,480
are trading with china we want to trade

689
00:23:34,480 --> 00:23:36,480
with china we want to work with china to

690
00:23:36,480 --> 00:23:37,520
reform

691
00:23:37,520 --> 00:23:39,840
the wto system we have actually made

692
00:23:39,840 --> 00:23:40,559
some

693
00:23:40,559 --> 00:23:44,080
uh some some joint proposals in the wto

694
00:23:44,080 --> 00:23:45,840
to try to reform the system we are

695
00:23:45,840 --> 00:23:47,200
working together

696
00:23:47,200 --> 00:23:50,480
china u.s eu and several other countries

697
00:23:50,480 --> 00:23:52,000
to see if we can find agreement

698
00:23:52,000 --> 00:23:54,080
in what we call plurilateral agreements

699
00:23:54,080 --> 00:23:55,200
meaning agreements with a lot of

700
00:23:55,200 --> 00:23:57,120
countries but not all of the wto

701
00:23:57,120 --> 00:23:57,840
countries

702
00:23:57,840 --> 00:23:59,600
when it comes to e-commerce for instance

703
00:23:59,600 --> 00:24:00,960
when it comes to

704
00:24:00,960 --> 00:24:04,000
uh to fish fishery subsidies

705
00:24:04,000 --> 00:24:05,679
i hope that we can take out of the

706
00:24:05,679 --> 00:24:07,760
closet and agreement that was almost

707
00:24:07,760 --> 00:24:08,880
half done

708
00:24:08,880 --> 00:24:11,039
on environmental goods agreement that

709
00:24:11,039 --> 00:24:13,520
would be very good in the climate

710
00:24:13,520 --> 00:24:16,400
work to take away tariffs on on

711
00:24:16,400 --> 00:24:18,240
climate-friendly goods and

712
00:24:18,240 --> 00:24:21,360
technology and we need of course to to

713
00:24:21,360 --> 00:24:23,679
to work with china in the whole climate

714
00:24:23,679 --> 00:24:25,200
area so there are

715
00:24:25,200 --> 00:24:27,200
profound differences there are some

716
00:24:27,200 --> 00:24:29,600
tensions but there are also areas where

717
00:24:29,600 --> 00:24:31,600
we have joint interests to work together

718
00:24:31,600 --> 00:24:33,520
and i hope that we can find this

719
00:24:33,520 --> 00:24:35,360
at this balance in in you know in an

720
00:24:35,360 --> 00:24:37,600
open and frank way

721
00:24:37,600 --> 00:24:39,120
yeah but when it comes to the profound

722
00:24:39,120 --> 00:24:40,799
differences and when it comes to any

723
00:24:40,799 --> 00:24:42,880
cooperation on international level there

724
00:24:42,880 --> 00:24:44,320
will always be those profound

725
00:24:44,320 --> 00:24:45,679
differences right that's about like

726
00:24:45,679 --> 00:24:46,880
building them and finding that

727
00:24:46,880 --> 00:24:48,880
compromise between them we've seen

728
00:24:48,880 --> 00:24:51,120
um miss malstrom you've seen yourself

729
00:24:51,120 --> 00:24:52,720
being in the commission some of the very

730
00:24:52,720 --> 00:24:54,240
profound differences with the previous

731
00:24:54,240 --> 00:24:55,760
u.s administration as well so

732
00:24:55,760 --> 00:24:57,279
it's always about that it's always about

733
00:24:57,279 --> 00:24:58,799
finding that compromise

734
00:24:58,799 --> 00:25:00,720
but about finding that compromise it's

735
00:25:00,720 --> 00:25:02,640
also about rethinking a little bit when

736
00:25:02,640 --> 00:25:02,960
it

737
00:25:02,960 --> 00:25:04,320
trusts of course but it's also about

738
00:25:04,320 --> 00:25:06,159
rethinking probably um

739
00:25:06,159 --> 00:25:08,240
the global trade and sometimes when it

740
00:25:08,240 --> 00:25:09,320
comes to

741
00:25:09,320 --> 00:25:11,760
globalization and the new sort of

742
00:25:11,760 --> 00:25:13,200
approach when it comes to trade what do

743
00:25:13,200 --> 00:25:14,320
you think about that wilhelm

744
00:25:14,320 --> 00:25:16,159
well first of all on the issue of the of

745
00:25:16,159 --> 00:25:17,440
the big three

746
00:25:17,440 --> 00:25:19,840
that's a that that's a given you need an

747
00:25:19,840 --> 00:25:21,440
agreement between the ua

748
00:25:21,440 --> 00:25:24,480
the u.s the european union and china but

749
00:25:24,480 --> 00:25:26,559
this is not sufficient

750
00:25:26,559 --> 00:25:29,120
the world is just bigger than the three

751
00:25:29,120 --> 00:25:29,679
you have

752
00:25:29,679 --> 00:25:32,240
other economies like india the emerging

753
00:25:32,240 --> 00:25:34,159
countries we need them on the table

754
00:25:34,159 --> 00:25:36,159
because we talk about global trade and

755
00:25:36,159 --> 00:25:37,679
we are not talking about the trade

756
00:25:37,679 --> 00:25:38,320
amongst us

757
00:25:38,320 --> 00:25:41,919
we just secondly

758
00:25:41,919 --> 00:25:44,880
therefore i think to to invest into

759
00:25:44,880 --> 00:25:47,520
strengthening the wto is for me a key

760
00:25:47,520 --> 00:25:51,120
issue because wto is the global rule set

761
00:25:51,120 --> 00:25:53,840
and wto is also created or has been

762
00:25:53,840 --> 00:25:54,960
created

763
00:25:54,960 --> 00:25:56,880
in sorting out or for sorting out

764
00:25:56,880 --> 00:25:58,960
difficulties if they exist and they

765
00:25:58,960 --> 00:25:59,840
exist

766
00:25:59,840 --> 00:26:02,880
by definition but i think there is a

767
00:26:02,880 --> 00:26:05,039
matter of urgency behind

768
00:26:05,039 --> 00:26:08,080
kovid showed us how urgent it is to act

769
00:26:08,080 --> 00:26:11,200
globally if you have global troubles

770
00:26:11,200 --> 00:26:14,000
go for digitizing the economy and the

771
00:26:14,000 --> 00:26:16,720
digital transition this is by definition

772
00:26:16,720 --> 00:26:20,000
a global approach because technique is

773
00:26:20,000 --> 00:26:22,320
defining the road and not politics

774
00:26:22,320 --> 00:26:24,400
that's the truth to be quite honest of

775
00:26:24,400 --> 00:26:25,520
the matter

776
00:26:25,520 --> 00:26:27,679
and climate is the third if you want to

777
00:26:27,679 --> 00:26:29,279
achieve a global agreement

778
00:26:29,279 --> 00:26:31,200
on climate you need also to integrate

779
00:26:31,200 --> 00:26:33,840
trade and i think these are the concrete

780
00:26:33,840 --> 00:26:35,360
examples where you can make

781
00:26:35,360 --> 00:26:38,320
concrete pro process and this is also

782
00:26:38,320 --> 00:26:40,480
the hope that the us administration is

783
00:26:40,480 --> 00:26:42,880
not back on multilateralism just

784
00:26:42,880 --> 00:26:45,760
not back on wto and trade just but also

785
00:26:45,760 --> 00:26:47,440
back at the climate agreement the paris

786
00:26:47,440 --> 00:26:48,320
agreement

787
00:26:48,320 --> 00:26:50,640
and this is a strong these are strong

788
00:26:50,640 --> 00:26:51,760
pillars i think

789
00:26:51,760 --> 00:26:53,760
we should contribute because without a

790
00:26:53,760 --> 00:26:55,919
joint initiative on trade

791
00:26:55,919 --> 00:26:58,000
you cannot achieve the targets neither

792
00:26:58,000 --> 00:26:58,960
on climate

793
00:26:58,960 --> 00:27:01,919
nor on sustainability nor anything else

794
00:27:01,919 --> 00:27:03,039
but you have to take

795
00:27:03,039 --> 00:27:06,320
everybody on board it's a global

796
00:27:06,320 --> 00:27:07,039
dimension

797
00:27:07,039 --> 00:27:09,520
and we have also responsibilities for

798
00:27:09,520 --> 00:27:11,360
countries in africa for instance we

799
00:27:11,360 --> 00:27:13,039
should not think just about

800
00:27:13,039 --> 00:27:16,320
us we should think globally and we have

801
00:27:16,320 --> 00:27:18,559
to act globally then

802
00:27:18,559 --> 00:27:21,440
one last sentence there is a word there

803
00:27:21,440 --> 00:27:23,760
is a word floating around that concerns

804
00:27:23,760 --> 00:27:25,039
me a bit now

805
00:27:25,039 --> 00:27:29,520
that's called strategic autonomy

806
00:27:29,520 --> 00:27:32,399
because with the word strategic econo

807
00:27:32,399 --> 00:27:33,760
autonomy

808
00:27:33,760 --> 00:27:35,840
you can i would say find a lot of

809
00:27:35,840 --> 00:27:38,240
reasons why you are deviating from

810
00:27:38,240 --> 00:27:40,480
from from from globals it means also the

811
00:27:40,480 --> 00:27:42,559
understanding of how vulnerable we are

812
00:27:42,559 --> 00:27:44,480
on the value chains

813
00:27:44,480 --> 00:27:47,520
this we have seen in the current month i

814
00:27:47,520 --> 00:27:48,640
think it

815
00:27:48,640 --> 00:27:51,440
comes for me for the close that says

816
00:27:51,440 --> 00:27:52,799
everybody is

817
00:27:52,799 --> 00:27:55,679
interested finally in global trade

818
00:27:55,679 --> 00:27:58,240
because everybody is benefiting from it

819
00:27:58,240 --> 00:28:00,240
everybody is indeed but of course as you

820
00:28:00,240 --> 00:28:02,000
said and as the speakers who are joining

821
00:28:02,000 --> 00:28:05,039
us online said this is such a

822
00:28:05,039 --> 00:28:08,080
massive issue that has so many aspects

823
00:28:08,080 --> 00:28:09,679
and components into that and it's all

824
00:28:09,679 --> 00:28:11,120
about finding this

825
00:28:11,120 --> 00:28:13,120
uh this dialect between each other and

826
00:28:13,120 --> 00:28:14,799
also as you said finding that not only

827
00:28:14,799 --> 00:28:16,159
among the big players but also

828
00:28:16,159 --> 00:28:17,600
maybe smaller players developing

829
00:28:17,600 --> 00:28:19,600
countries and and other

830
00:28:19,600 --> 00:28:21,039
and others who participate because

831
00:28:21,039 --> 00:28:22,240
without them as well this won't be

832
00:28:22,240 --> 00:28:23,360
possible

833
00:28:23,360 --> 00:28:24,799
i would like to see we have questions

834
00:28:24,799 --> 00:28:26,480
from the audience

835
00:28:26,480 --> 00:28:28,240
here so if you do have a question would

836
00:28:28,240 --> 00:28:30,159
you raise your hand because i could

837
00:28:30,159 --> 00:28:33,360
definitely carry on

838
00:28:33,520 --> 00:28:35,120
if you raise your hand i'm going to be

839
00:28:35,120 --> 00:28:38,000
able to see you

840
00:28:39,200 --> 00:28:43,279
not yet on reforming the w-2 let's go

841
00:28:43,279 --> 00:28:44,000
there a little

842
00:28:44,000 --> 00:28:46,000
bit i know it's also such a huge uh

843
00:28:46,000 --> 00:28:47,600
conversation to have but

844
00:28:47,600 --> 00:28:49,520
let's try mr wang what's your take on

845
00:28:49,520 --> 00:28:51,039
when it comes to the reforming the world

846
00:28:51,039 --> 00:28:52,880
trade organization

847
00:28:52,880 --> 00:28:54,399
i know unfortunately we don't have the

848
00:28:54,399 --> 00:28:56,000
whole session now to discuss it but just

849
00:28:56,000 --> 00:28:59,840
briefly what do you think about that

850
00:29:00,080 --> 00:29:01,279
well i think this is really a great

851
00:29:01,279 --> 00:29:03,279
topic i i i think that uh

852
00:29:03,279 --> 00:29:06,880
you know wt is the bad rock of of the

853
00:29:06,880 --> 00:29:08,480
you know prosperity of the trade of the

854
00:29:08,480 --> 00:29:11,039
war we should strengthen that i i'm glad

855
00:29:11,039 --> 00:29:13,200
that the u.s has passed a new

856
00:29:13,200 --> 00:29:15,440
dj's appointment and and now we have the

857
00:29:15,440 --> 00:29:16,320
new team

858
00:29:16,320 --> 00:29:18,159
so the most important thing i think we

859
00:29:18,159 --> 00:29:20,000
should really get

860
00:29:20,000 --> 00:29:22,240
the adapter in action i mean we're

861
00:29:22,240 --> 00:29:23,840
expecting the

862
00:29:23,840 --> 00:29:26,799
mc12 minister meeting will happen this

863
00:29:26,799 --> 00:29:28,320
probably later this fall

864
00:29:28,320 --> 00:29:30,159
but i really hope that we can make some

865
00:29:30,159 --> 00:29:32,080
concrete the progress on that

866
00:29:32,080 --> 00:29:34,000
for example i mean on this uh we

867
00:29:34,000 --> 00:29:35,760
mentioned about uh you know digital

868
00:29:35,760 --> 00:29:36,399
economy

869
00:29:36,399 --> 00:29:38,960
e-commerce there's a political uh

870
00:29:38,960 --> 00:29:40,320
discussion on that

871
00:29:40,320 --> 00:29:42,480
and also there's a discussion on trade

872
00:29:42,480 --> 00:29:44,159
and investment facilitation

873
00:29:44,159 --> 00:29:46,799
uh a political meeting on that and also

874
00:29:46,799 --> 00:29:48,720
we have a discussion on the unofficial

875
00:29:48,720 --> 00:29:51,279
subsidy and agricultural subsidy on that

876
00:29:51,279 --> 00:29:53,039
and then and now also we have the

877
00:29:53,039 --> 00:29:55,120
emission of the of the plastic into the

878
00:29:55,120 --> 00:29:56,559
ocean uh we should

879
00:29:56,559 --> 00:29:59,120
abandon that as well so let's have some

880
00:29:59,120 --> 00:30:01,600
lower hand food let's reach some

881
00:30:01,600 --> 00:30:03,360
concrete results and then let's give

882
00:30:03,360 --> 00:30:05,200
people confidence on that

883
00:30:05,200 --> 00:30:07,039
also on the digital economy the digital

884
00:30:07,039 --> 00:30:08,399
currency

885
00:30:08,399 --> 00:30:10,000
now in china you don't need the cash

886
00:30:10,000 --> 00:30:11,919
anymore everywhere you go just swap your

887
00:30:11,919 --> 00:30:14,799
mobile and what about the in the future

888
00:30:14,799 --> 00:30:15,200
let's

889
00:30:15,200 --> 00:30:17,760
can we have a global digital currency on

890
00:30:17,760 --> 00:30:19,360
that so there's many many

891
00:30:19,360 --> 00:30:20,799
new issues new challenges we have to

892
00:30:20,799 --> 00:30:23,039
face and wt is falling behind and it

893
00:30:23,039 --> 00:30:24,640
says don't go wrong there's no major

894
00:30:24,640 --> 00:30:25,600
achievement

895
00:30:25,600 --> 00:30:28,960
and it's high time we really have the wt

896
00:30:28,960 --> 00:30:30,799
in place so that we can build back some

897
00:30:30,799 --> 00:30:31,600
confidence

898
00:30:31,600 --> 00:30:33,440
i totally agree we should build up the

899
00:30:33,440 --> 00:30:34,799
trust i mean

900
00:30:34,799 --> 00:30:36,640
the pandemic is not helping the

901
00:30:36,640 --> 00:30:38,559
situation we've been isolated for a year

902
00:30:38,559 --> 00:30:40,159
and a half almost two years we don't see

903
00:30:40,159 --> 00:30:40,880
each other

904
00:30:40,880 --> 00:30:43,760
i'm glad that g7 first time the the top

905
00:30:43,760 --> 00:30:44,640
lead

906
00:30:44,640 --> 00:30:47,120
face you know person in person let's

907
00:30:47,120 --> 00:30:49,039
have g20 on that let's have a break

908
00:30:49,039 --> 00:30:50,399
something on there let's have

909
00:30:50,399 --> 00:30:53,520
all the global leaders meet and talk and

910
00:30:53,520 --> 00:30:56,240
rather than you know just a shorty match

911
00:30:56,240 --> 00:30:57,440
across the oceans

912
00:30:57,440 --> 00:30:59,679
so we really need that i really think we

913
00:30:59,679 --> 00:31:02,000
need that

914
00:31:02,000 --> 00:31:04,080
thank you so much uh susan what's what

915
00:31:04,080 --> 00:31:05,440
do you think about when it comes to

916
00:31:05,440 --> 00:31:07,360
reforming the wto i know again this is

917
00:31:07,360 --> 00:31:08,799
such a massive conversation that we

918
00:31:08,799 --> 00:31:10,320
could have for hours and hours

919
00:31:10,320 --> 00:31:11,840
fortunately we don't have that time but

920
00:31:11,840 --> 00:31:13,440
like briefly what what's your take

921
00:31:13,440 --> 00:31:15,360
i spoke myself to the head of the wto

922
00:31:15,360 --> 00:31:16,640
just like last month and

923
00:31:16,640 --> 00:31:19,360
she said interestingly it's about of

924
00:31:19,360 --> 00:31:20,799
course we've seen globalization then

925
00:31:20,799 --> 00:31:22,000
we've seen

926
00:31:22,000 --> 00:31:24,240
for certain reasons sort of a setback

927
00:31:24,240 --> 00:31:26,600
but now what we have to think is about

928
00:31:26,600 --> 00:31:28,320
re-globalization when it comes to the

929
00:31:28,320 --> 00:31:30,559
global trade

930
00:31:30,559 --> 00:31:32,080
yeah i mean absolutely it goes without

931
00:31:32,080 --> 00:31:33,760
saying as a chamber of commerce

932
00:31:33,760 --> 00:31:35,919
representing u.s business um if we

933
00:31:35,919 --> 00:31:38,000
didn't have the wto we would have to

934
00:31:38,000 --> 00:31:38,720
invent it

935
00:31:38,720 --> 00:31:41,760
um so that that's the take we have

936
00:31:41,760 --> 00:31:43,360
you we need to restore it i think it

937
00:31:43,360 --> 00:31:45,279
came up briefly earlier

938
00:31:45,279 --> 00:31:47,600
absolutely i mean reformer is needed i

939
00:31:47,600 --> 00:31:49,519
think i think everyone agrees that

940
00:31:49,519 --> 00:31:52,480
reform uh is one of the most essential

941
00:31:52,480 --> 00:31:53,840
first moves that we'd actually have sort

942
00:31:53,840 --> 00:31:54,080
of

943
00:31:54,080 --> 00:31:56,240
sort of three sort of practical

944
00:31:56,240 --> 00:31:57,519
suggestions actually

945
00:31:57,519 --> 00:32:00,399
for the wto one is the plurilateral

946
00:32:00,399 --> 00:32:00,799
element

947
00:32:00,799 --> 00:32:02,399
indeed you know introduce uh a

948
00:32:02,399 --> 00:32:03,840
plurilateral talk so this

949
00:32:03,840 --> 00:32:06,159
is we need to speed things up um they

950
00:32:06,159 --> 00:32:07,600
should be given a greater role in the

951
00:32:07,600 --> 00:32:08,960
negotiations

952
00:32:08,960 --> 00:32:11,519
uh another area that we think could be

953
00:32:11,519 --> 00:32:12,640
addressed would be to give a

954
00:32:12,640 --> 00:32:14,240
give a greater role to the secretariat

955
00:32:14,240 --> 00:32:15,840
in terms of the monitoring role so they

956
00:32:15,840 --> 00:32:16,240
can

957
00:32:16,240 --> 00:32:17,360
governments have a better way of

958
00:32:17,360 --> 00:32:20,399
submitting notifications to the wto

959
00:32:20,399 --> 00:32:22,480
and thirdly of course probably the one

960
00:32:22,480 --> 00:32:24,080
that we hear most about is the dispute

961
00:32:24,080 --> 00:32:25,279
settlement mechanism

962
00:32:25,279 --> 00:32:28,559
we desperately need to reform that

963
00:32:28,559 --> 00:32:30,640
to look at it we need the us on board so

964
00:32:30,640 --> 00:32:32,159
that is again if you go back to the

965
00:32:32,159 --> 00:32:33,200
summit

966
00:32:33,200 --> 00:32:35,519
what we do need is for u.s leadership

967
00:32:35,519 --> 00:32:36,240
there

968
00:32:36,240 --> 00:32:39,360
to agree to have the appellate body

969
00:32:39,360 --> 00:32:40,080
restored

970
00:32:40,080 --> 00:32:41,760
now how quickly this can be done we

971
00:32:41,760 --> 00:32:44,240
don't know uh wilhelm mentions

972
00:32:44,240 --> 00:32:46,480
urgency absolutely urgency is needed we

973
00:32:46,480 --> 00:32:47,840
know there's a ministerial at the end of

974
00:32:47,840 --> 00:32:48,640
the year

975
00:32:48,640 --> 00:32:52,080
so um hopefully um that will be done but

976
00:32:52,080 --> 00:32:54,480
um definitely i mean i think another

977
00:32:54,480 --> 00:32:56,320
aspect that perhaps perhaps hasn't come

978
00:32:56,320 --> 00:32:59,840
up yet is sort of perceptions as well

979
00:32:59,840 --> 00:33:01,880
and the overall narrative about

980
00:33:01,880 --> 00:33:04,799
multilateralism about globalization you

981
00:33:04,799 --> 00:33:06,720
mentioned re-globalization

982
00:33:06,720 --> 00:33:08,399
sasha absolutely i mean i think it

983
00:33:08,399 --> 00:33:10,880
relates a little bit to the point made

984
00:33:10,880 --> 00:33:11,440
about

985
00:33:11,440 --> 00:33:13,840
strategic autonomy and so forth we have

986
00:33:13,840 --> 00:33:15,760
a big job on our hands still

987
00:33:15,760 --> 00:33:17,760
with regard to this with selling the

988
00:33:17,760 --> 00:33:18,960
need for trade

989
00:33:18,960 --> 00:33:20,880
um showing its benefits therefore

990
00:33:20,880 --> 00:33:22,080
showing the benefit benefits of

991
00:33:22,080 --> 00:33:23,360
multilateralism

992
00:33:23,360 --> 00:33:26,000
um so if i refer back to the strategic

993
00:33:26,000 --> 00:33:27,760
autonomy piece

994
00:33:27,760 --> 00:33:30,159
absolutely understand why in different

995
00:33:30,159 --> 00:33:31,919
areas of the world and including the eu

996
00:33:31,919 --> 00:33:33,840
now this is a term that's coming up

997
00:33:33,840 --> 00:33:36,880
but it needs to be open um that's that

998
00:33:36,880 --> 00:33:38,399
the emphasis needs to be on the word on

999
00:33:38,399 --> 00:33:40,480
open strategic autonomy keeping supply

1000
00:33:40,480 --> 00:33:41,360
chains open

1001
00:33:41,360 --> 00:33:43,440
but we also have a lot to do with regard

1002
00:33:43,440 --> 00:33:45,279
to public perception on this

1003
00:33:45,279 --> 00:33:48,399
um both in terms of countries need to

1004
00:33:48,399 --> 00:33:48,799
know

1005
00:33:48,799 --> 00:33:50,240
citizens need to know that they have

1006
00:33:50,240 --> 00:33:52,080
their sovereignty but they also need to

1007
00:33:52,080 --> 00:33:52,720
know

1008
00:33:52,720 --> 00:33:54,880
that multilateralism and trade is of

1009
00:33:54,880 --> 00:33:57,600
benefit to them too

1010
00:33:57,600 --> 00:33:59,200
that's great wilhelm would you would you

1011
00:33:59,200 --> 00:34:01,200
briefly add something on that before i

1012
00:34:01,200 --> 00:34:01,919
move to the

1013
00:34:01,919 --> 00:34:04,159
to the audience question i fully share

1014
00:34:04,159 --> 00:34:05,200
susan's view

1015
00:34:05,200 --> 00:34:08,719
and this is for me one of the key takes

1016
00:34:08,719 --> 00:34:12,079
we should start with what's the benefit

1017
00:34:12,079 --> 00:34:13,918
of global trade and who is the

1018
00:34:13,918 --> 00:34:15,520
beneficiary

1019
00:34:15,520 --> 00:34:17,918
but if we talk about that we have also

1020
00:34:17,918 --> 00:34:18,719
to talk about

1021
00:34:18,719 --> 00:34:20,800
are there losers do we have something to

1022
00:34:20,800 --> 00:34:22,560
do to to to avoid

1023
00:34:22,560 --> 00:34:25,119
let's say some critical elements that's

1024
00:34:25,119 --> 00:34:27,119
like transition and digital in the

1025
00:34:27,119 --> 00:34:28,879
digital agenda it's the same

1026
00:34:28,879 --> 00:34:32,399
tell the truth but tell the story

1027
00:34:32,399 --> 00:34:35,480
and look to it was leonard reid in in

1028
00:34:35,480 --> 00:34:37,040
1958

1029
00:34:37,040 --> 00:34:39,359
this was exactly when global trade was

1030
00:34:39,359 --> 00:34:40,320
restarted

1031
00:34:40,320 --> 00:34:42,960
after world war ii he wrote the story of

1032
00:34:42,960 --> 00:34:45,440
the pen

1033
00:34:46,719 --> 00:34:49,520
you know what the story of the pen is a

1034
00:34:49,520 --> 00:34:51,839
little children has a pencil

1035
00:34:51,839 --> 00:34:55,040
in his hand and he wrote the story

1036
00:34:55,040 --> 00:34:58,720
where is this pencil coming from

1037
00:34:58,720 --> 00:35:00,880
this was the graphics this was the wood

1038
00:35:00,880 --> 00:35:03,200
this was everybody who was making in it

1039
00:35:03,200 --> 00:35:05,440
and the pen as such was the story of a

1040
00:35:05,440 --> 00:35:07,520
global success

1041
00:35:07,520 --> 00:35:10,640
make it practical make it

1042
00:35:10,640 --> 00:35:12,480
really practical for the for the people

1043
00:35:12,480 --> 00:35:14,000
that's the first thing and second

1044
00:35:14,000 --> 00:35:16,400
i would go into the details of of of the

1045
00:35:16,400 --> 00:35:18,240
reform of wt

1046
00:35:18,240 --> 00:35:21,280
maybe reform is not the proper word

1047
00:35:21,280 --> 00:35:25,119
restore i would call it but it's not wto

1048
00:35:25,119 --> 00:35:26,079
just

1049
00:35:26,079 --> 00:35:28,320
i think this is a fundamental issue that

1050
00:35:28,320 --> 00:35:29,839
goes for wto

1051
00:35:29,839 --> 00:35:33,920
that goes for who for all multilateral

1052
00:35:33,920 --> 00:35:37,200
organizations and if we learn something

1053
00:35:37,200 --> 00:35:38,720
out of the pandemic we need

1054
00:35:38,720 --> 00:35:40,800
global organizations simply to fight

1055
00:35:40,800 --> 00:35:43,440
global challenges

1056
00:35:43,440 --> 00:35:45,280
and this common understanding i think

1057
00:35:45,280 --> 00:35:47,119
this gives me the reason for being

1058
00:35:47,119 --> 00:35:50,400
really again the optimist that's good to

1059
00:35:50,400 --> 00:35:51,599
know and following on that

1060
00:35:51,599 --> 00:35:53,680
we have been receiving the questions on

1061
00:35:53,680 --> 00:35:54,800
the globe sec

1062
00:35:54,800 --> 00:35:57,200
app from the audience and from everybody

1063
00:35:57,200 --> 00:35:59,119
joining these conversations online and

1064
00:35:59,119 --> 00:36:00,880
the one that i want to bring up now is

1065
00:36:00,880 --> 00:36:03,760
coming from oksana kuzyaki from ukraine

1066
00:36:03,760 --> 00:36:05,680
and i want to ask all of the speakers

1067
00:36:05,680 --> 00:36:06,880
this question you can now

1068
00:36:06,880 --> 00:36:09,200
see you can now see that does the fear

1069
00:36:09,200 --> 00:36:11,599
of possible future pandemics

1070
00:36:11,599 --> 00:36:13,599
mean that free trait as we know it

1071
00:36:13,599 --> 00:36:15,119
before this pandemic

1072
00:36:15,119 --> 00:36:18,160
can no longer exist and something

1073
00:36:18,160 --> 00:36:21,839
must change miss malmstrom

1074
00:36:21,839 --> 00:36:25,440
something must change

1075
00:36:25,520 --> 00:36:27,119
well i think we need to remember that

1076
00:36:27,119 --> 00:36:29,520
during the pandemic apart from the first

1077
00:36:29,520 --> 00:36:30,240
initial

1078
00:36:30,240 --> 00:36:32,320
weeks where people in panic were

1079
00:36:32,320 --> 00:36:33,359
stocking up

1080
00:36:33,359 --> 00:36:35,200
toilet paper and pasta and so on but

1081
00:36:35,200 --> 00:36:36,640
there has been food

1082
00:36:36,640 --> 00:36:39,599
in our stores we have had commodities to

1083
00:36:39,599 --> 00:36:40,240
buy

1084
00:36:40,240 --> 00:36:43,280
companies have had some supply problems

1085
00:36:43,280 --> 00:36:45,119
of course because of the pandemic and

1086
00:36:45,119 --> 00:36:46,800
ships that couldn't leave the harbors

1087
00:36:46,800 --> 00:36:50,240
but it has all it has worked so trade

1088
00:36:50,240 --> 00:36:52,000
has worked during the pandemic

1089
00:36:52,000 --> 00:36:54,320
and it will as has been said before be

1090
00:36:54,320 --> 00:36:56,079
part of the solution to the economic

1091
00:36:56,079 --> 00:36:56,960
recovery

1092
00:36:56,960 --> 00:36:59,520
as well now it will change a little bit

1093
00:36:59,520 --> 00:37:00,960
and uh

1094
00:37:00,960 --> 00:37:03,920
without without attaching too much

1095
00:37:03,920 --> 00:37:05,040
importance to the

1096
00:37:05,040 --> 00:37:08,160
uh open strategic autonomy

1097
00:37:08,160 --> 00:37:11,760
i think this is a jargon that companies

1098
00:37:11,760 --> 00:37:13,760
have already started to adapt to some

1099
00:37:13,760 --> 00:37:16,240
some many global companies have already

1100
00:37:16,240 --> 00:37:18,560
started to diversify a little bit

1101
00:37:18,560 --> 00:37:20,400
to become less dependent from one

1102
00:37:20,400 --> 00:37:22,720
supplier when it comes to very

1103
00:37:22,720 --> 00:37:26,400
specific materials or raw materials or

1104
00:37:26,400 --> 00:37:29,359
medical supply they have started to

1105
00:37:29,359 --> 00:37:30,800
build up resilience

1106
00:37:30,800 --> 00:37:32,560
and they have been more flexible they

1107
00:37:32,560 --> 00:37:34,480
know they have learned a lot from this

1108
00:37:34,480 --> 00:37:36,960
pandemic so this will of course mark

1109
00:37:36,960 --> 00:37:39,040
trade in in the future but we should by

1110
00:37:39,040 --> 00:37:39,680
all means

1111
00:37:39,680 --> 00:37:42,240
not respond to the pandemic with

1112
00:37:42,240 --> 00:37:44,160
protectionism because we need each other

1113
00:37:44,160 --> 00:37:45,040
more than

1114
00:37:45,040 --> 00:37:47,200
than ever but i can understand that many

1115
00:37:47,200 --> 00:37:48,560
countries feel the need

1116
00:37:48,560 --> 00:37:51,599
to stockpile basic medical equipment and

1117
00:37:51,599 --> 00:37:52,160
so on

1118
00:37:52,160 --> 00:37:55,040
for for for the future uh for future

1119
00:37:55,040 --> 00:37:56,960
pandemics or similar events

1120
00:37:56,960 --> 00:37:59,280
but we have needed globalization has

1121
00:37:59,280 --> 00:38:01,359
worked we have been able to buy

1122
00:38:01,359 --> 00:38:04,000
supplies and equipment from each other

1123
00:38:04,000 --> 00:38:05,760
and they would be really pity if we

1124
00:38:05,760 --> 00:38:06,560
destroy those

1125
00:38:06,560 --> 00:38:08,079
supply chains but a little bit more

1126
00:38:08,079 --> 00:38:09,839
diversification a little bit more

1127
00:38:09,839 --> 00:38:11,040
flexibility

1128
00:38:11,040 --> 00:38:13,920
a little bit more uh resilience building

1129
00:38:13,920 --> 00:38:15,440
that's what we have stopped what we're

1130
00:38:15,440 --> 00:38:17,040
starting to see among companies and that

1131
00:38:17,040 --> 00:38:18,640
will probably continue but that should

1132
00:38:18,640 --> 00:38:20,320
not lead to protectionism

1133
00:38:20,320 --> 00:38:21,760
thank you so much we just have a couple

1134
00:38:21,760 --> 00:38:23,839
of minutes there uh mr wang what's your

1135
00:38:23,839 --> 00:38:26,079
take on this question about something

1136
00:38:26,079 --> 00:38:28,400
must change because of everything that

1137
00:38:28,400 --> 00:38:29,200
happened in the world

1138
00:38:29,200 --> 00:38:30,800
with the pandemic and the future risks

1139
00:38:30,800 --> 00:38:33,839
of that very briefly please

1140
00:38:33,839 --> 00:38:36,320
yeah i think that uh if anything has to

1141
00:38:36,320 --> 00:38:37,200
be changed

1142
00:38:37,200 --> 00:38:39,200
we need more trade we need the heavy

1143
00:38:39,200 --> 00:38:40,880
trade and more investment

1144
00:38:40,880 --> 00:38:42,960
because if we cannot have a tourism for

1145
00:38:42,960 --> 00:38:44,400
example because people don't travel

1146
00:38:44,400 --> 00:38:46,000
tourism accounts 10 percent for global

1147
00:38:46,000 --> 00:38:47,839
gdp if we lose that

1148
00:38:47,839 --> 00:38:49,760
if we don't have the airline industry we

1149
00:38:49,760 --> 00:38:51,280
need more actually trade

1150
00:38:51,280 --> 00:38:53,760
to sustain us all together so so you can

1151
00:38:53,760 --> 00:38:55,359
see you know i mean this uh this trade

1152
00:38:55,359 --> 00:38:56,640
that china's uh

1153
00:38:56,640 --> 00:38:58,480
had the balance of the buildings of a

1154
00:38:58,480 --> 00:39:00,240
mosque and the ventilators

1155
00:39:00,240 --> 00:39:03,280
around to to help each other we we also

1156
00:39:03,280 --> 00:39:04,320
import a lot of

1157
00:39:04,320 --> 00:39:06,480
agricultural products from u.s you know

1158
00:39:06,480 --> 00:39:07,760
we need that more so

1159
00:39:07,760 --> 00:39:10,160
so i would say trade probably will you

1160
00:39:10,160 --> 00:39:11,680
will strengthen the

1161
00:39:11,680 --> 00:39:13,760
uh the people's confidence in fighting

1162
00:39:13,760 --> 00:39:15,680
pandemic and future pandemics too so

1163
00:39:15,680 --> 00:39:18,800
uh ricardo david ricardo's competitive

1164
00:39:18,800 --> 00:39:19,920
advantage will never go

1165
00:39:19,920 --> 00:39:22,240
out of date everybody does his own let's

1166
00:39:22,240 --> 00:39:23,359
exchange through trade

1167
00:39:23,359 --> 00:39:25,920
and we all benefit from that thank you

1168
00:39:25,920 --> 00:39:28,800
so much susan

1169
00:39:28,800 --> 00:39:30,160
we i sort of agree with the previous

1170
00:39:30,160 --> 00:39:32,000
speakers maybe to add to that

1171
00:39:32,000 --> 00:39:34,640
absolutely no protectionism i think that

1172
00:39:34,640 --> 00:39:36,400
was actually proven at the beginning of

1173
00:39:36,400 --> 00:39:38,079
the crisis when actually you saw it

1174
00:39:38,079 --> 00:39:40,000
coming in and people sort of retracted

1175
00:39:40,000 --> 00:39:40,880
in and

1176
00:39:40,880 --> 00:39:43,440
x and borders started closing so i would

1177
00:39:43,440 --> 00:39:45,200
say in that respect there was a big

1178
00:39:45,200 --> 00:39:46,320
learning curve

1179
00:39:46,320 --> 00:39:49,599
uh export no to export controls uh note

1180
00:39:49,599 --> 00:39:51,280
of restrictions because actually what

1181
00:39:51,280 --> 00:39:53,200
happened it what it showed

1182
00:39:53,200 --> 00:39:56,079
was how interconnected we sir are so

1183
00:39:56,079 --> 00:39:57,280
much it didn't mean

1184
00:39:57,280 --> 00:39:59,040
oh we should be producing everything in

1185
00:39:59,040 --> 00:40:01,119
our own countries actually no

1186
00:40:01,119 --> 00:40:02,800
maybe the supply chains indeed need to

1187
00:40:02,800 --> 00:40:04,640
be more resilient but

1188
00:40:04,640 --> 00:40:05,839
that's just for think about raw

1189
00:40:05,839 --> 00:40:07,280
materials we're seeing that now with the

1190
00:40:07,280 --> 00:40:08,079
vaccines

1191
00:40:08,079 --> 00:40:10,640
you know the borders came down uh oh

1192
00:40:10,640 --> 00:40:12,400
let's let's let's stop uh

1193
00:40:12,400 --> 00:40:14,880
exporting vaccines if you do that you

1194
00:40:14,880 --> 00:40:16,000
haven't got the raw materials to make

1195
00:40:16,000 --> 00:40:17,200
the vaccine so i think

1196
00:40:17,200 --> 00:40:18,960
does it need to change know what needs

1197
00:40:18,960 --> 00:40:20,800
to change is a bigger understanding of

1198
00:40:20,800 --> 00:40:22,240
how independent we are

1199
00:40:22,240 --> 00:40:23,760
i think actually some words that come

1200
00:40:23,760 --> 00:40:26,079
out sasha are actually we need to be

1201
00:40:26,079 --> 00:40:29,040
for more unity that proved to work it

1202
00:40:29,040 --> 00:40:31,040
showed that we needed to cooperate

1203
00:40:31,040 --> 00:40:33,359
worldwide uh it showed that we needed

1204
00:40:33,359 --> 00:40:34,400
leadership

1205
00:40:34,400 --> 00:40:35,760
and i'm going to come back to my word

1206
00:40:35,760 --> 00:40:37,520
again of trust we need to we need to

1207
00:40:37,520 --> 00:40:38,960
build trust and we need to

1208
00:40:38,960 --> 00:40:40,960
cooperate on an international level

1209
00:40:40,960 --> 00:40:42,319
because the williams point

1210
00:40:42,319 --> 00:40:45,040
this is global and the world is within

1211
00:40:45,040 --> 00:40:45,680
we're in a

1212
00:40:45,680 --> 00:40:48,800
massive um also no we need so

1213
00:40:48,800 --> 00:40:50,880
change no we need to learn from this

1214
00:40:50,880 --> 00:40:52,480
crisis

1215
00:40:52,480 --> 00:40:55,359
thank you susan wilhelm very briefly

1216
00:40:55,359 --> 00:40:58,000
well i would say first of all

1217
00:40:58,000 --> 00:41:01,040
trade is a key pillar for recovery for

1218
00:41:01,040 --> 00:41:03,599
everybody in the world simply to have a

1219
00:41:03,599 --> 00:41:05,359
strong and sustainable economy

1220
00:41:05,359 --> 00:41:08,960
needs strong trade second protectionism

1221
00:41:08,960 --> 00:41:10,880
is not the solution for none of the

1222
00:41:10,880 --> 00:41:12,960
issues we have

1223
00:41:12,960 --> 00:41:15,760
which means thirdly we have jointly to

1224
00:41:15,760 --> 00:41:16,640
think about

1225
00:41:16,640 --> 00:41:19,920
how we make a value chain our supply

1226
00:41:19,920 --> 00:41:22,319
chains less vulnerable

1227
00:41:22,319 --> 00:41:24,560
because we have seen that we are not

1228
00:41:24,560 --> 00:41:26,960
totally well equipped in managing

1229
00:41:26,960 --> 00:41:29,359
critical issues like the pandemic and i

1230
00:41:29,359 --> 00:41:30,079
can

1231
00:41:30,079 --> 00:41:33,359
assure you this will be not the last

1232
00:41:33,359 --> 00:41:36,319
the last experience we will gain and

1233
00:41:36,319 --> 00:41:37,520
fourth point

1234
00:41:37,520 --> 00:41:41,040
we have to invest into trust building

1235
00:41:41,040 --> 00:41:44,240
and establishing common global rules

1236
00:41:44,240 --> 00:41:47,200
not to underestimate the differences but

1237
00:41:47,200 --> 00:41:48,079
to concentrate

1238
00:41:48,079 --> 00:41:50,720
also on the joint on the joint issues at

1239
00:41:50,720 --> 00:41:52,480
the targets we have and we have a lot of

1240
00:41:52,480 --> 00:41:53,599
them

1241
00:41:53,599 --> 00:41:56,000
cyber security climate i have mentioned

1242
00:41:56,000 --> 00:41:58,079
them and there is a lot of reason to

1243
00:41:58,079 --> 00:42:00,079
invest

1244
00:42:00,079 --> 00:42:03,040
all our capacity we have well the key

1245
00:42:03,040 --> 00:42:04,960
word here the one that i think from

1246
00:42:04,960 --> 00:42:06,319
from this session one of the keywords

1247
00:42:06,319 --> 00:42:07,839
that would go into the word cloud would

1248
00:42:07,839 --> 00:42:09,359
be trust because this is something that

1249
00:42:09,359 --> 00:42:10,160
we've heard the most

1250
00:42:10,160 --> 00:42:11,760
from all the speakers thanks so much for

1251
00:42:11,760 --> 00:42:13,520
all of you for participating

1252
00:42:13,520 --> 00:42:15,119
thanks for joining us online for all the

1253
00:42:15,119 --> 00:42:16,480
speakers all the participants who are

1254
00:42:16,480 --> 00:42:17,599
asking questions

1255
00:42:17,599 --> 00:42:19,359
i wish we could bring more of those

1256
00:42:19,359 --> 00:42:20,880
thank you very much wilhelm uh

1257
00:42:20,880 --> 00:42:22,000
there are some refreshments that are

1258
00:42:22,000 --> 00:42:24,240
available downstairs and the next

1259
00:42:24,240 --> 00:42:26,480
session here in this room will be at

1260
00:42:26,480 --> 00:42:30,160
2 30 and the subject will be in how we

1261
00:42:30,160 --> 00:42:32,880
rebuild after covet and i'm going to be

1262
00:42:32,880 --> 00:42:34,880
back in the same room just before five

1263
00:42:34,880 --> 00:42:37,520
o'clock this afternoon for this session

1264
00:42:37,520 --> 00:42:39,280
with the chancellor of austria with the

1265
00:42:39,280 --> 00:42:41,599
prime minister of the slovak republic

1266
00:42:41,599 --> 00:42:43,119
and the deputy prime minister

1267
00:42:43,119 --> 00:42:56,640
of the czech republic