00:00If we create a precedent in the Middle East where a nation-state can decide that they are going to
00:05control an international waterway,
00:07charge a toll, and if you don't pay them, blow up your ships, we have created a very dangerous precedent
00:12which will repeat itself in other parts of the world, including in this region.
00:17So what is at stake here is not simply the issue of what's happening in the Straits of Hormuz.
00:21It's a very fundamental principle about freedom of navigation.
00:24And if that is threatened, then I think the global economy is threatened
00:27and the rules which have underpinned 150 years of international trade and commerce are also threatened.
00:33And that cannot be allowed to happen.
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