So what's your... takeaway from a European perspective on the last year? How would you characterize the state of the trading system from a European point of view?

Well, thank you.

That's a big question.

I think, first of all, it's important to put this year in some perspective.

And if one looks at what happened the 2nd of April last year and the so-called Liberation Day, it was the worst tariff, unilateral tariff increase, worst kind of hit at the global trading system since 1930 and the Smoot-Hawley tariff.

So it was a blow to the way we conduct trade.

I think it's important to have that in mind.

Also, since Greg mentioned the CTPPP, firstly, do you think that the EU should join it? And B, would you like to see China join it too? Do you think that could become a WTO minus one free trading system?