00:00Thank you very much.
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02:30Thank you very much.
02:32So on the concession, again, you know, we are not talking about details yet.
02:38We have to negotiate.
02:39We talk about broad parameters first.
02:41The first is whether they want to engage us.
02:44The good news is they do.
02:46And during the meetings with the USTR and the Secretary of Commerce, both are in agreement
02:51that we should take this a step further based on the parameters that I mentioned.
02:55One is on the tariff itself.
02:57Because the whole objective for us is to reduce the tariff, right?
03:02Impossible to zero.
03:03Yeah.
03:04But obviously we need to find a win-win for both.
03:07And secondly is on the non-tariff barriers.
03:10So on the non-tariff barriers, we also discuss, we'll say that look, we will look at what
03:15are fair to put under consideration to reduce some of the non-tariff barriers, especially
03:22on agriculture.
03:23The third one is on the issue about trade imbalance, right?
03:29The whole idea is the trade imbalance in lebihan dagangan, because we have a trade surplus.
03:35Based on their figures, our trade surplus is around 25 billion US.
03:39So they want to see how can we reduce it.
03:42The good news is the last four years we have reduced it by nearly half, right?
03:47From 40 plus billion now to 25.
03:49So we are moving in the right direction.
03:51I think the expectation is how do we reduce it further, but not immediately, right?
03:55So it is good.
03:56And finally, I mentioned just now about economic security.
03:59They are very worried that if the technology that is being developed here or being manufactured
04:06here falls into hands that are not palatable to the US, right?
04:15So this again, we need to see how we can look at enforcement.
04:19So one of the ideas that we have put across is on the technology safeguard agreement, for example.
04:27So again, the devil is in the details.
04:30So the good thing is, the next step now is to get cabinet to agree that we should go full ahead on the negotiations.
04:39They have agreed to start negotiation with us.
04:42And I have also verbally said that we should be able to start negotiations soon.
04:49And they have asked us to appoint our chief negotiator for this.
04:53From MITI, of course, leading it.
04:56We have one of our senior civil servants to lead the chief negotiation,
05:01one of the more experienced chief negotiators.
05:03And on their side, they also name who one of the assistant USTR will be leading it.
05:12We'll talk about this again.
05:14Okay.
05:30We saw the technical.
05:31We should try there.
05:33The whole thing about electronics shops coming up at the stopped shop for 한다 and not built
05:37their passion.
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