In here and that production will stay in the u. S. In the exported to south america and europe. We feel there is a very good chance at a very Good Condition to not only build here, but compete to a u. S. Base. A year ago we did the same thing in victoria, texas on another excavator plan. These are the large machines. 42 that 5010 machines that came in from japan that will be built in us for the first time in the United States and exporting to south america. Some of that is coming back to the u. S. And im happy and proud of that is the u. S. Manufacturing come to me. In fact, we spent about 6. 5 billion in capital expense in the last five years in the United States. Weve also spent about 10 million in research and development. We had a plant in our system here in the United States that exports very large Mining Equipment. We have factories were 80 of the reductionist for export only. We work hard at being competitive both internally. We also work hard with the u. S. Government and michael and many others open market outside the u. S. Because 95 of our potential customers are not in this country. We desperately need that. Over the last five years, our total exports have exceeded 82 billion from the United States. Those are destined for virtually every country in the world at some point or another. I cannot over emphasize the benefit of trade in opium trade. Sometimes its a hard message. Free trade, open trade and globalization sometimes has a pretty tough context and a lot of the small towns where our plants are. That is the message all of us have to get out and work on because without that come without access to those 95 in the south of the country, i dont know where we will be a generation or two from now. We all need to work on that. Finally, as an editorial comment and then ill conclude, we use exim bank and needed to compete on a global basis. Export credit agencies are part of the competitive landscape. Other countries use them aggressively. Every time we use them because most of our competition if not all of our competition is outside the u. S. Theyre competing with us for jobs, or customers, for her people for that matter. Weve got to compete and xm is to be a critical element of that place as we go forward. That is something also on the agenda along with open and free trade is to go forward. With that, i will conclude. Thank you. Thank you very much for having me. N. W. Certainly embraces the concept of the u. S. As a viable platform. The collaborative and open free trade initiatives in this country have provided the basis for bmw to make a major investment and production facility, which now exports the majority of vehicles worldwide. Bmw has a Success Story to share in our South Carolina plant. However, there is more that could be done to foster even more Economic Opportunity in the u. S. When all parties come to the table to ensure our open bilateral trade agreement or race. Back in 89 when our company was looking to locating new bmw manufacturing plant in the United States, we received invitations for many state governors. They all had rsvp attached. Obviously, we understand the french phrase. We did respond to all. However, rsvp also has another meaning for the bmw group. This is held to determine the two sides we chose. To us, rsvp is an acronym for the values that have to be met for this new manufacturing facility to be successful. Rsn responsible, s. As in sustainable, vsm valuable and p. Of course can profit. After evaluating Many Americans diets, supplying our ours rcp values, we chose South Carolina to open up an 81894. Today it is an unqualified to this in terms of production and worldwide export. I give you some metrics in a moment, but here is how rsvp worked for the bmw group. Talking about responsible. We received some offers that will financially attract two s. , might not have been equally beneficial for the local Business Environment and infrastructure. Though we refused it. We fail to uphold and still feel there is also will approach of locating a new facility has to be a winwin for the state, county, city or town and the local population. The responsibility also means being able to provide jobs with skilled local area resident and not relying on the implication of an outside workforce. But the Strong Network of Technical Schools and motivated workforce, southeast u. S. In the states of South Carolina fulfilled these requirements. Also, the ied fight transportation corridor provided us with an infrastructure for future export opportunities. So we took the responsible choice and located in South Carolina. Now it is sustainable. B w is committed to sustainability. In fact, its been selected as the worlds most sustainable Automotive Company by the Dow Jones Sustainability in x. Just a few facts about how seriously we take sustainability we use not vain that normally would be burned in the atmosphere from the landfill to provide 50 of the plan total energy at about 30 of electricity. We have an 11megawatt Onsite Energy sector. We also have the farm to produce energy with 200 pieces of hydrogen materials. Were the largest single hydrogen wells in the world. We are zero ways to lancelot nonregulated. The list of unsafe Green Energy Producers for the Automotive Industry to be as invaluable, our plants provide not only the local or state economy, but the entire countrys economy as well. As soon as we open up sans commitment not sure his flock to the order to supply with parts and materials necessary to produce their vehicles are today there are 40 of them in the state and a total of 170 nationwide supporting the plant and contributing to the u. S. Economy. We actually committed to our role as a major exporter from the United States. Since our initial 300 Million Investment in the early 90s with an annual capacity of about 50,000 vehicles, we have invested an additional 6 billion over the years and expanded the facility to the point where dino production is over 300,000 bmws. We have people supporting the local economy to the tune of 8. 8 doing dollars per year and support additional 31,000 jobs through South Carolina. From the suppliers to our workers, the local coffee shop, our manufacturing plant is a force that helps drive the economy and ever widening circle. Now we come to the final letter of the acronym profitable. Why we have select did inexpert platform. There were a few facts to help you understand the scope of what we do. We produce all five and six vehicles. Soon there will be a new x four. Production in 2012 with 300,000 units. We expect to grow to over 350,000 units this year. Here is the fact i think that may surprise you. Other neighbors said of these vehicles are shipped overseas. Thats correct. 70 of these bmws are shipped to 140 countries worldwide. Where the largest exporter of vehicles from United States. In addition, we also ship to another six markets around the world as well as individual part from poor charleston doubles to utilize facilities for the new inland ports. All of this expert business is profitable for us, profitable for the nation, state, county, local cities as well as a manufacturing partners are surrounded. From producing 50,000 cars annually, South Carolina to commit global Success Story. By producing exceptional products with dedicated workers, our plan continues not only to generate prosperity for bmw, but gets back to the region in the u. S. A. This could only be made possible by the trade agreement in place through the auspices of the United States and its partners. As positive as all these effects may be, theres still room for more comprehensive bilateral Free Trade Agreements. Ladies and gentlemen, we strongly support efforts to further rope and unhindered trade throughout the world and will continue to lend her voice to such efforts. I can clearly say they use in the United States as an export platform as batman continues to be the correct in profitable choice for bmw because we are careful about how we rsvp to an invitation. [applause] dominated both california and its a very different place in 1994 and you guys are part of the reason. Thanks very much for having me. It is a great pleasure to be here for all sorts of reasons. First, to a colleague secretary kerry, secretary lu, secretary pritzker who have been so supportive of themselves and their agencies above are trying to do to the negotiation of these trade agreements makes a real difference and im very grateful for their support. Its great to hear the governors comments about the critical importance of creating jobs and expanding the economy. Whenever i talk to governors, youre that story. That story needs to be told over and over again in the city. As doug alluded to, the reason as much understanding of how these trade agreements have an impact on job creation, growth in communities and and make sure that if we do the trade agreements the right way theyre going to have a positive impact on people back home. Im very grateful to doug for the movies and playing to convey that message. My job here is to talk about how what were doing on the trade and Investment Agreement front helps contribute to the export platform that was just talked about. Halfpenny said this morning, 20 of our exports come from subsidiaries of foreign firms in the United States or not is a critical part of driving job creation and growth in the United States. We get at those issues through two different things. Trade agreements and Investment Agreements. For 40 bilateral trade agreements that have investment chapters and those chap others give investors here in the united state protection from expropriation, discrimination, justice. It gives them access to neutral international arbitration. And if theres Real Companies based here, because those kinds of protections in other markets that we have agreements with. It protects them from localization requirements, something called performance requirements. They are local products. Our network of bilateral investment treaties is absolutely critical to making that an attractive platform for Foreign Investment to be used not only here in the United States, but as my colleague said, for exports for the rest of the world as well. On the trade side were involved in another initiatives. The transpacific burger shack where we are in the endgame, we do with the outstanding issues that have reached closure. We have a launch of the transatlantic trade and Investment Partnership with the e. U. And feel those two giant markets bring him closer together, lemonade cost, bring the regulatory and standards regimes were closely together. When we complete this trade agreements, we will have created free trade was 65 of the Global Economy. Their other countries we been in the wings to join each of those agreements. I fully expect that kindness is over, well be at 65 to 75 of the Global Economy being able to access. So he launched an International Services agreement in geneva that now covers 70 of the Global Services market. Information Technology Agreement also in geneva covers 90 of the i. T. Market that have free trade and a whole series of products in those markets. And we are pursuing bilateral investment treaties with countries like in yet in china and china has made some very dramatic steps in recent months by announcing theyre willing to negotiate a bilateral investment treaty on the basis of something called a negative list and on National Treatment during a companys preestablishment phase before it gets up and running. Those are new breakthroughs with china and other details need to be worked out to see whether those can be translated into real and meaningful commitments. Youve all heard over the last state the reasons make sense to invest in the United States and if this is your platform. Ive been visited by companies, which are represented in this audience in recent weeks to decide or trainer of the system, Innovation Ecosystem work for us, the access to cheaper and cleaner energy, that this is a platform they want to base themselves that. The network of trade agreements that were currently negotiating can be a Global Platform for exports and we will see more and more investment as a result. We are seeing a renaissance of investment in manufacturing in certain sectors we never thought wed see additional investment and any expansion of Global Services here and even investment in our agricultural air, which is a worldclass care are. So were very optimistic about the u. S. Being a platform for Global Investment of Global Exports with these trade and invest it treaties and agreements providing the context for that. Im very delighted the summit is bringing attention to that. Its nice to be on a panel. This is a pin over everybody supports what it is were doing on trade agreements and were grateful for all your support as we go forward. The place to start with our executives on the panel. As i alluded in the beginning, for the last many years theres been a series of trade agreements with south korea, colombia. And now we are in this world is talking about these keeping agreement with the e. U. And pacific rim countries. Doubt, as he make Investment Decisions is the prospect or possibility of these broader agreements, how is that different for you than the one off a lateral agreements . Is highly important to us. Ill come at it differently but the colombia Free Trade Agreement, for example. We were very worried that colombia and the number of our other competitors to do a Free Trade Agreement and we would not be included. What happens with that, because so much competition is nonus, all this which is Mining Equipment going to colombia, we would be looking at terrorists are exports to colombia that colombia and japan, germany, sweden, others would not have to encounter. So i would go to our workers in central norway and say weve got a 10 premium, whatever the premium would be. Weve got to find a way to be efficient or were going to lose the sale. We just cannot find ourselves in that position. Its critical. Most of our equipment from this country is sourced u. S. , which have access to those market that the tpp example is a great one because im convinced, michael, that most of those countries will sign an agreement with or without us at some point down the road and will be potentially looking in on that. I really worry about that as an exporter of some 50,000 people in the United States and workers and opportunities as a result. Versa about an importer and exporter is all over the world from germany. How does the prospect of these agreements affect quiet if you just pay, we still pay we look at the relationship between the United States and europe. We still pay import duties to europe by 10 . With cyprus and to pay to go into the u. S. They have a number north of 550 million just as costs to that. Its not only about the import fees we have to pay. Its also about the different standards. Its about crash testing and mission vendors. Its the same goal, the same human being sitting in a car coming up we have different standards and they cost to the turn of a couple hundred million. We just have to develop different cars or encompass all the different roles. So not having these additional costs must have a huge impact on our competitiveness, on our wall as such. We still have to see what is going to be in detail, but it will have a huge impact on us. I see today virus on stability how well we are doing as opposed to brazil or argentina were overnight has reduced by 30 . Its an exclusive range. Governor. How do these agreements matter . The pure numbers start with his ex for 16 more capita we have Free Trade Agreement. We think the ttip, we could just in tennessee increased automobile exports almost a million dollars, which is huge in terms of the jobs created. Nissan symbol looks like ants. We have the gm plant as well. So we think all of that if you take that back e. U. , theres 10 as ludwig just said, 10 tariff and another 7 to 10 in additional costs due to doublechecking, crash safety and other things. You start out at 17 , 20 disadvantage, thats huge. We just watched canada and the europeans negotiate and finalize an agreement, which i really hope opens the door on many things we can be doing with europe as a result of that. After all, we have nafta with canada. Theres not much of a difference between what theyre doing and what we are. It should help us get that done. Ambassador, how are things coming . With d. C. As the prospects for both agreements over the next months or years . Well, im optimis