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I'm a fan of resilient supply chains. but what we are advocating is this is a prime opportunity to use the globalisation concept to deconcentrate supply chains and build them in countries that were not part of the global value chains before. now, when you say friend shoring, the only caution i'll say is, who is a friend? that is the point. a friend today might not be a friend tomorrow, so how do you define friend? and we've seen examples of that. and, but i want to say something else, stephen. among our members, we talked about trust. even though we have issues of trust and issues of geopoliti...

If it was not for trade, you wouldn't have been able to get face masks, masks, pharmaceuticals from one part of the world where they were being made to another where they were being... where they were needed. so you cannot say that trade broke down. i'm not saying trade is dead. i'm simply saying your concept of truly global trade may well be dying. think of what the us treasury secretary janet yellen said just a few months ago. she said that the future for the us may well be all about what she calls friend shoring. that is, building trade ties amongst trusted partners and allies, rather than,...

I'm a fan of resilient supply chains. but what we are advocating is this is a prime opportunity to use the globalisation concept to deconcentrate supply chains and build them in countries that were not part of the global value chains before. now, when you say friend shoring, the only caution i'll say is, who is a friend? that is the point. a friend today might not be a friend tomorrow, so how do you define friend? and we've seen examples of that. and, but i want to say something else, stephen. among our members, we talked about trust. even though we have issues of trust and issues of geopoliti...

Friend shoring or... i'm a fan of resilient supply chains. but what we are advocating is this is a prime opportunity to use the globalisation concept to deconcentrate supply chains and build them in countries that were not part of the global value chains before. now, when you say friend shoring, the only caution i'll say is, who is a friend? that is the point. a friend today might not be a friend tomorrow, so how do you define friend? and we've seen examples of that. and, but i want to say something else, stephen. among our members, we talked about trust. even though we have issues of trust an...

Pharmaceuticals from one part of the world where they were being made to another where they were being... where they were needed. so you cannot say that trade broke down. i'm not saying trade is dead. i'm simply saying your concept of truly global trade may well be dying. think of what the us treasury secretary janet yellen said, just a few months ago. she said that the future for the us may well be all about what she calls friend shoring. that is, building trade ties amongst trusted partners and allies, rather than, for example, relying heavily on imports from china. she called on allies of t...