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Our moderator, Kristin Silverberg the president and ceo of the business roundtable. Thank you, ken and thank you for having us here today. This panel, the ambassadors panel has become a tradition which i am delighted to help continue. I am particularly excited because the topic we are discussing today, the role of trade in advancing Foreign Policy is a critical one for the ongoing debate in the u. S. About our approach to trade agreements, there was a time not long ago when the u. S. Administrations would unapologetically count the National Security and Foreign Policy benefits of trade, but that line of argument has gone out of fashion in parts of washington. When you hear officials from the trump or Biden Administration talking about the connection between National Security and trade, they are likely to be talking about the National Security risks of trade rather than ways the trade can be used to advance u. S. Foreignpolicy interest. I am thrilled to have the opportunity to put this issue to some of our closest trading partners to ask them how they think about these connections, how they think about the role of their own trade agreements with us, so let me get started. I want to start with you, im going to start with this issue of. A lot of people in the u. S. Government, a lot of companies are worried about supplychain risk including, but not limited to geopolitical risk and of course we have the trade agreement with mexico thats how you think about this trend and what you think we need to do to take full advantage of this opportunity. Thank you very much, i think we are true believers in trade in mexico. We just became a Partner Number One of the u. S. Last year, with about 800 billion dollars in trade. If we are partners number one the u. S. , it means we have an incredible effort in both countries in order to have this nurturing trend. Last year also mexico received the most important Foreign Investment, direct Foreign Investment in its history. And, what is very interesting is that many of the companies that have invested in mexico, they are looking for human capital. If you speak with the people of tesla, tesla announced its new factory, they say they found out that they would have a source of very wellprepared in mexico that will work for their factory and that was one of the most important aspects to have investment. Another thing that i can say is that when mexico exports, we have 40 of previous imports. When mexico exports the u. S. Is also exporting. What the shows you is that mexico and the u. S. Are not just trade partners, but that we are producing together, there are many, many, companies the come and go several times. They are produced together. So its not just trade and economic integration. Wonderful, thank you. Let me turn to you and ask you about costa ricas trading relationship, when president bush signed in 2004, he unapologetically cited the national or Foreign Policy strategic benefits. He talked about the fact that it would impact you as influence in the region, stability, and so on. I think the economic benefits of the deal have been clear our own bilateral trade has expanded. You think it has also met some expectations in terms of strategic benefit, can you just benefit and talk about the water benefits . I want to start with part of my jobs to talk to everyone on the hill and talk to everyone. One of the first things that people ask or when i asked him about costa rica, they think about the place to go to visit, most of the pineapples that you get here and bananas, nanas, but bananas are from costa rica. When i tell them our number one export our medical devices, people think, what do you mean . I didnt know that. Yes we do, it is, it has been a Success Story for costa rica. Not only medical devices, thats just an example. Also semiconductors and many other things. Lets start with costa rica even before has had strong friendships, working relationships with United States. But it helped expand those relationships, not only with the United States but also in Central America and the dominican republic, which is a big plus. We do have to two vibrant sectors. I have mentioned them already, the medical devices, which are also close to National Security of the United States. And, a semiconductors. I can even tell you that until last year, in august, they announced a 1. 2 billion dollar investment in the next two years in costa rica. And that little teeny tiny country that people just think about going to travel, which is also great, please go. Its a 4. 5 hour flight from here. But again, what are the challenges that we are having, this is about 20 years ago, what are the challenges, the challenges today is that there are political challenges within the Central American region, that probably makes it, although its the very beneficial for all the countries including costa rica, which is why costa rica is trying to open up to get, why dont we start looking into other options . Let me give you a little bit of insight into how slow we are, i dont know if youve heard the saying in costa rica, everything is pure life, so we are slow, but we get there, what do i mean with that you can be slow and not get to her where you need to go, we decided to be part of some of the high standards in the world. It took us 10 years. When we first started, which actually the minister of strayed trade was part of that, they said no you are crazy, costa rica has to go through a lot of congress, changes in laws, regulations. 10 years later we did it. As of two years we are part of oecd countries. That means costa rica can even join, lets say, usmca. Why not . There pretty good high standards for costa rica can get to those. Kafta dr prepared us for that. Again that doesnt mean if we start brother trade agreements, that doesnt mean were going to leave one behind. But its 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 singapores trade agenda. Will the u. S. Is moved away from negotiating traditional trade agreements, singapore has charged ahead, youve not implemented 27 ftas. 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 rulesbased trading system. How it was forged by the u. S. Coming out of world war ii and has over the decades contributed i think, immensely to international stability, economic growth, allowing countries large and small to repeat efficiencies of scale, productivity, dividends from innovation and someone. I think in our part of the world, seeing how trade has fueled domestic filament, but also regional, even global integration amongst economies. When we talk about Foreign Policy, Domestic Support for Foreign Policy is really important. That is for every country. I think trade has for a number of decades been one of those areas where you can see concrete results arising from foreign relations, from the agreements we signed and certainly the benefits in the early decades of globalization may have masked some of the problems we see today. The distributed inequalities and inefficiencies arising from globalization, as all societies have to tackle. But nonetheless, i think if you take it in its totality, the multilateral rules based trading system has been a plus for almost all countries. Maybe a little bit about singapore and the u. S. , because this year we celebrate the 20th anniversary of the Free Trade Agreement between our two countries. Plus establishing 2004. If i take it to the latest year when we have good trade data, 2022, over those 18 years, actually trade between our two countries has grown three times from about 70 billion at its inception to now about 210 billion. By the way, the u. S. Enjoys a very healthy surplus of singapore. Which may come in useful next year depending on how things shape up. And the u. S. Runs a surplus both in trading goods as well as trading services. Its not one masking the other. But, also as a result Free Trade Agreement, we have close to 6000 u. S. Companies in singapore using us as a Regional Headquarters for some of them. Singapore as a springboard to the larger region, reaping the benefits of the integration that we see in asean and larger asian economies. Investments from u. S. Into singapore, just to give you a sense of what its like cumulative, its close to about one half trillion euros dollars. What does that mean . It means the cumulative stock of u. S. Fda in singapore is larger than the u. S. Fdi into china, japan, and south korea combined. Combined. Okay . And so, when i say that, actually there is a lot of economic skin in the game for the u. S. To remain deeply vested in our part of the world, i think you understand what it is i am saying. Thank you. Ambassador tuck yew lui, what are your reflections on the broad question of the world of trade and advancing Foreign Policy . Thank you for the question. I would like to pick the president of the Manufacturers Association left, because the last statement was, to the point , saying that if we want to advance or we want to move together with our trade and make sure that our Foreign Policy agenda or security agenda moves in the same way or in parallel, we have to do those two together. Because, well, we probably there is between the transatlantic, one of the things is values. It is a valuebased partnership. First of all. We were the ones who together build International Rules and order and international organizations. And i think we probably have to appreciate more how it works because the trade as we see right now would not be the same if we dont have those International Rules and organizations associated. My colleague was talking about oecd, but there are standards with the the pto and many more. If we look at the geopolitics, what is happening right now in the world, i think it is getting scarier with each day. The turbulence, the conflicts around the world actually have a huge implication on our economy. On the one hand, its definitely the challenges, the prices of inflation, distorted supply chains, anything you want. But on the other hand, you have reliable trading partners, if you have a really strong and resilient transatlantic relationships, you can see even during the crisis, the most severe crisis, the you actually see the trade growing. Also last year, we had ,1. 3 trillion between you and the u. S. Two years ago, last year will be almost 5 higher. Slowly but steadily we are growing up. And one of the reasons was that in europe we had to make a huge change in intersect or because of the reliance on Russian Energy resources had to be sold as the issue. Dont underestimate how much it costs in organizing that, making sure people dont freeze during the winter, the last one. And on top of that, you have to find where to buy it. New resources. And here comes, alliances matter. Most of the growth of the trade is actually due to the eu buys a lot of lng. When you need to switch paths, 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. And i think this actually speaks for itself. We can go sector by sector, semiconductors have been mentioned, we can go into the connectivity sector and think, if you want to find alternatives, or if you want to have a reliable, secure production line, you will always depend on the partners of what secretary blink and called the partners. The u. S. In europe have a history of using our combined economic influence to Work Together to address National Security risks and Foreign Policy objectives. Sometimes using trade tools in cooperation with each other. Do you think we are in lockstep with china and where do you see differences . Well, i think the biggest difference is probably more rhetorical than on the paper. And in reality. First of all, because the eu approaches china is a trading partner, as a competitor and a systemic rival. And i think you could use different words, different synonyms and you will find that actually this approach is not very much different. Your head of National Security advisor spoke about a small bank with high walls or high fences. We as well have a couple of weeks ago at the end of january, you produced an economic securities strategy, which actually in general includes four major sectors. The semiconductors, high power computing, quantum computing, biotech. Also a i. So even sector wide, we are quite close. And of course this includes making sure export control is strengthening, investment screening, starting discussions on outbound investments, how we see it in certain sectors. And even going small but very important to step further, which im sure the interest you will have to witnesses well, actually looking into what we do as Research Projects in science. Because time and research can be quite sensitive and dual use. So this, these are our approaches which i think is really quite close and we have actually a Technology Counsel between the eu and u. S. Where we have the possibility to discuss , not only to discuss but also to compare our notes. Professor, you served in china, anything you want to add about singapores approach to china or cooperation with the u. S. On these issues . I think singapore is a small country, obviously, we want to be friends with all countries near and far. I think that is smart. We are mindful of the sensitivities in the u. S. China relationship. Especially over trade investments and sensitive areas. I think the world has gone from one operating paradigm where it was interdependence, to one where the acutely mindful of overdependence, right, and hence now really trying to untangle some of that interdependence, to try and find ways to make your supply chains, your tribulations more robust. And that is understandable. Today it is more focusing on a particular country and whether, for example, the u. S. May be over reliant on the country. I suspect in time it will not be focusing on countries but companies from that country. Whether it is operating within the country or outside of the country, and so you will have second order, secondary order, effects that will have to bes that need in the years to come. Singapore is a hub for investments around the world. Significant part of it comes from the u. S. , as i already mentioned, from japan, the eu, and a growing number of Chinese Companies are also coming into singapore. And so singapore will have to be mindful of some of this sensitivity and be able to thread the needle very carefully. We still believe that we can be a place where there is cross pollination of ideas and people , but increasingly, we must also guard against cross pollution and in areas where comingling should not take place, then its very important, i think, for singapore to ensure that there are safeguards in place where the comingling is going to be a separate as we can make it. Thank you, we are coming up on the sunset review of usmca in 2026. The parties have begun conversations around that. J was saying the u. S. Has issues, mexicos issues in canada has a few issues. I expect some of the issues around National Security will be part of the conversation. How do you see the sunset review playing out and can you highlight some of the key things . I think that usmca is a Success Story. And the three can tell you that. What i believe is we have to stop looking at the trees and start looking at the forest. Which is the future of the u. S. And the future of the region. Im going to give you just an example. If you look at the production of transportation equipment, if we see manufacturing in the world, china produces 9. 8 of the world transportation, which means airplanes and trains and ships and everything. U. S. Produces 7. 6 . So, china already passed the production in the manufacturing capacities of the u. S. But if you sum up to which produces six points 4 , and canada 2. 9 , then you have 16. 9 . So when north america produces