MODERATOR: (Via interpreter) I welcome you to this press conference conclusion of the second U.S.-Mexico High-Level Economic Dialogue. This is the second annual meeting. We have with us the Secretary of the Economy of Mexico Tatiana Clouthier, the Secretary of the Department of State Antony Blinken, and the Foreign Minister of Mexico Marcelo Ebrard, and the Secretary of Commerce of the United States Gina Raimondo. Yes.
Secretary Clouthier, would you like to take the floor, please, madam?
ECONOMY SECRETARY CLOUTHIER: (Via interpreter) Yes. Good afternoon, everyone. We want to share with you and we want to tell you we’re just so happy to be finishing this second U.S.-Mexico High-Level Economic Dialogue. After 2013 we hadn’t had this dialogue, and we’re so happy to be holding this HLED. We were so happy last year; we went to Washington, and being there we made the commitment of moving forward on very concrete activities for us to have concrete actions and accomplishments. I remember – and this is something that I tell Gina about in a meeting we had in her office – and we said we have to really do things that will be moving forward very fast.
Well, today the second meeting time becomes an increasingly important factor because we have to show results. We have to have deliverables, and we have to move faster because the moment it is of our country, the moment of our region, and this is also the moment of our relationship. And we believe this moment is going through a fundamental moment right now, and we have the possibility of making trade and commerce grow in our two countries. And to a certain degree right now as well, we have a situation that becomes even more important – first, to continue working on semiconductors, for instance, cyber security and everything that has to do with information and communication technologies, ICTs.
We’ve set this on the table to continue moving forward on border infrastructure, where both nations and our activities are going to be important for us to continue developing our borders and for us to continue closing the gaps in terms of our trade activities, our commerce activities. One of the important items we mention is the importance of developing our labor force and many issues. The two main ones, however, that have to do with the technical work for semiconductors and ICT technologies and cyber security, that’s of the utmost importance; and also for us to do follow-up on the different agreements, and the commitment is here now. We have established this commitment for our meetings to have weekly meetings now for us to continue having very important results.
Another important item we are going to be working on – and this is something that our friends are going to be talking about and Secretary Ebrard will be mentioning this – this has to do with work in south, southeastern part of Mexico and Central America, and the importance of our continuing and moving forward in this relationship. All we have to do now is we want to thank and we want to congratulate and we want to really thank Secretary Raimondo and Secretary Blinken for the efforts made to be here with us, especially the commitment for this relationship between our two nations to continue growing, and especially for all of us to have trade and commerce and the supply chain increasingly stronger, resilient, and strengthened, where competitiveness of North America will continue being right at the core of the work we do in this U.S.-Mexico bilateral economic dialogue.
MODERATOR: (Via interpreter) Thank you so much, Mrs. Clouthier. Now Secretary Blinken, yes.
SECRETARY BLINKEN: Thank you very much, and good evening, everyone. Secretary Clouthier, thank you so much for your hospitality today and the work that we’re doing every single day that you’ve laid out, and to my friend Foreign Secretary Ebrard, Marcelo, to our colleagues, and especially to President López Obrador for the very good time that we spent with him today. We’re grateful for the time that he gave us.
I think today’s meeting reflects the very strong partnership between our countries that has developed from day one of the Biden administration, and you see that across the administration. I’m joined today by my friend and colleague the Secretary of Commerce Gina Raimondo. We have the Deputy U.S. Trade Representative Jayme White. We have other leaders across the U.S. Government. You can see the breadth of Mexico-U.S. cooperation by the sheer size of our delegation today, which also includes representatives from U.S. Agency for International Development, U.S. Customs and Border Protection – so many colleagues who are not only here today but are quite literally doing this every day – building, strengthening our cooperation.
As many of you know, this December Mexico and the United States will celebrate the 200th anniversary of our bilateral relations. Over that time, our countries have been bound by deepening familial, cultural, diplomatic, and the subject of today’s discussion, economic ties. Mexico is the United States’ second largest trading partner. The United States is Mexico’s largest trading partner. Together we have among the world’s most skilled and integrated workforces, advanced industrial centers, a wealth of innovation hubs. When we put our strengths together, each of us becomes more competitive, our region becomes more prosperous. And what that means in concrete terms for our people is more jobs, better jobs, better schools for our communities, more opportunities for small businesses. And I could go down the list.
This partnership has grown stronger over the last couple of years. The United States-Mexico-Canada Agreement remains our best tool for promoting North American economic competitiveness and actually delivering results for our workers. The High-Level Security Dialogue that we will be picking up again in October is helping us tackle shared challenges like narcotics trafficking, human trafficking, as well as violence and insecurity.
And the High-Level Economic Dialogue that we held today, relaunched by our presidents, is making our economies more resilient and ensuring that we can actually take advantage of some of the opportunities that are out there, not just dealing with the challenges but the real opportunities that we have. That was the primary topic of discussion when Secretary Raimondo and I met with President López Obrador today with our colleagues.
I shared and thanked President López Obrador for the commitments Mexico made at the Summit of the Americas, including adopting the Los Angeles Declaration, which reflects a new regional approach to migration. We discussed shared efforts to address irregular migration in the Americas, including through humane border management policies and through expanding legal pathways and protections as together we address the root causes of migration – something that Mexico and the United States are collaborating on in ways that we’ve not seen before. For example, our development agencies are working hand in hand in Central America, Northern Central America, to do just that.
You just heard from Secretary Clouthier about some of the progress that we made today – the initiatives we’re driving to boost competitiveness, to create good-paying jobs, to accelerate North America’s transition to clean energy. One of those initiatives that I think is important to underscore – and I’ll also leave it to Secretary Raimondo to talk more about this – is the CHIPS and Science Act, which will provide funds to develop resilient semiconductor supply chains in North America. Major elements of the semiconductor supply chains are already well-established in Mexico with U.S.-based companies like Intel and Skyworks conducting research and development, design, assembly, and test manufacturing in parts of Mexico.
The CHIPS Act will incentivize more of this type of work. It will ensure that we can build these and other components that we need for the 21st century right here in North America. Tomorrow, Secretary Raimondo and I will travel to Indiana to visit a semiconductor factory and see the work already well underway to build the future in North America.
Another initiative comes through the Inflation Reduction Act, which provides among other things tax incentives for electric vehicles and battery components manufactured in North America. It’s a smart investment in a shared future – a way to create more jobs for our people, combat the global climate crisis, strengthen our energy security. And this is something we discussed with President López Obrador today.
Like all partners, especially those with relationships as wide-ranging as ours, there are areas where we differ. We’re secure enough in our relationship to acknowledge those differences and also to work through them in very practical ways so we can serve the best interests of our people.
The discussion that we had today was shaped immeasurably by the engagements that we’ve had over the past year, not just between our governments but also with labor leaders, the private sector, civil society. Each step of the way, they’ve made us better by sharing their experiences on the ground, pushing us to do more and to do better for underserved populations, partnering together to implement sustainable solutions. Ultimately, that’s how we’ll build inclusive, broad-based economic growth that delivers for all of our people.
So I just simply want to say thanks once again to our Mexican friends, partners, neighbors, for the incredibly warm hospitality we’ve had today, but especially for the terrific partnership. I’m looking good to making – looking forward to making good on the commitments that we’ve made today, which I believe, we believe, will produce benefits for many, many years to come. Thank you very much.
MODERATOR: (Via interpreter) Thank you, Secretary Blinken. Now we give the floor to Secretary Marcelo Ebrard.
FOREIGN SECRETARY EBRARD: (Via interpreter) Thank you so much. Good afternoon, everyone, ladies and gentlemen. I greet once more Secretary Raimondo and welcome Gina Raimondo, welcome to Mexico. And my friend Antony Blinken, and who has saved the necessary time to go across the world to be here in Mexico, we highly appreciate it. Those of us in this type of positions know what this means. He has been sleeping on the plane for about three days now, and so we highly value your presence and – both of your presence here. Thank you so much.
Well, this has been a very successful meeting, and not only because of the cordiality but also because we share very transcendental objectives and there’s a working plan, an action plan to do everything we have set out to accomplish at the standards of this type of dialogue and international meetings. We are facing an evident success.
Mexico is taking the U.S. up on its offerings. This is really something through which we have received the invitation of participating as partners, as allies that we are, in different initiatives implemented by President Biden’s administration. They have to do with semiconductors. They have approved a very important package on this, and Secretary Raimondo and Secretary Blinken have invited us to participate in a more intensive fashion possible, and this is a big door opening for Mexico, for the Mexican economy years to come, starting with this year. Electromobilty, for instance, computers, laptops, and telecommunications. And in other words, we do have an invitation and we are receiving it maybe once in a lifetime. This is the type of invitation, just once in a lifetime, so thank you. We are taking you up on your word, and we’re accepting your invitation. This is what President López Obrador told you personally, and that’s why he wanted to be present. He invited the delegation from the United States to the national palace. This is a historic opportunity for Mexico, and we are going to continue participating with great enthusiasm and gratitude to President Biden’s administration and the U.S.
Well, this means more jobs for Mexico, more integration in the future and right now as well. And we perhaps think Mexico could grow twice as much with what was proposed to Mexico today. And this means we can reduce poverty even faster in our country, and that infrastructure in Mexico can grow faster. And this is really where this dimension of this partnership between our two countries acquires its true impact, its true face.
And we spoke about many issues. As Secretary Blinken has already mentioned, migration – we’re working together on migration security. We’re holding a meeting in October because there’s a bicentennial understanding uniting both our countries, a single action plan, a single strategy. We’ve been invited to go to Washington; we are going to go to D.C. And I think what we’re building through those different initiatives, President Biden and President Obrador’s initiatives, is that we have certainty about the future. And this is something we share – security, certainty, predictability, and everything. We’re going to be working a world that has no certainty. This is a very big value for Mexico, a very valuable principle for Mexico to have shared certainty.
We have the security dialogue in October and also the summit of North American leaders in December. There, we are going to be reflecting everything I’m telling you here today. So we want to thank President Biden for his interest for Mexico and the U.S. to be very close to each other, especially Secretary Raimondo and Secretary Antony Blinken. I know he has done everything for this to become a reality. Thank you so much.
MODERATOR: (Via interpreter) Thank you, Secretary Ebrard. Now let’s give the floor to Secretary Gina Raimondo to take the floor. Madam.
SECRETARY RAIMONDO: Thank you. Good afternoon, everyone. I also want to join Secretary Blinken in thanking our Mexican colleagues for such warm hospitality and for such a productive day of meetings. So thank you, Secretary Clouthier and Ebrard. And a special thank you to President López Obrador for meeting with Secretary Blinken and I. We met for more than two hours. The president was extremely generous with his time, and we’d like to thank him. And I’d like to thank Secretary Blinken, my partner in this work and a dear friend and colleague.
As has been said, the United States and Mexico, we know, have one of the world’s largest trading relationships, which is growing and surpassing its pre-pandemic levels. The best is yet to come. The relationship of course is not limited to trade and economics. It includes strong historical, familial, and cultural ties. And as Tony said, as our countries prepare to celebrate 200 years of bilateral relations, we will continue to build back together as neighbors and as longstanding partners.
Just a year ago, our two governments restarted the High-Level Economic Dialogue to re-engage in positive economic and commercial dialogue and advance our shared prosperities. Our first meeting was in Washington, D.C. about a year ago, and here we are today, thrilled to be here in Mexico. The goal of this High-Level Economic Dialogue is to make it easier for our countries to trade, invest, and innovate. And when you trade, invest, and innovate, you create prosperity and you create jobs. And that’s what this is about: shared prosperity and job creation for the people of Mexico and the people of the United States. And as we discussed today with President López Obrador, that means opportunity for everyone at every level.
I’m thrilled with the progress we made today on issues ranging from climate change to semiconductors to supply chains. Together, we’re bolstering our supply chains and our energy security while creating jobs on both sides of the border. Huge thanks to President Biden’s leadership. Because of that leadership, the United States is making massive new investments in both our domestic semiconductor industry and clean energy.
But the benefits of those investments in the Inflation Reduction Act and the CHIPS Act will not be limited to the United States. These investments are going to create jobs and opportunities for Mexican workers and businesses, small businesses in Mexico as well as large businesses. And of course, I’m especially pleased that the CHIPS and Science Act includes funding that will help us work with partner countries to strengthen our semiconductor supply chains.
So over the weeks and months ahead, we’re going to continue our engagement with the private sector, with labor, education, and civil society, all of whom are essential to our success. And today, we agreed in our meetings to have a strong commitment to a transparent process and a lot of stakeholder engagement. We also reaffirmed our commitment to have continuous weekly dialogue as among our teams and a commitment to meet annually in person at the cabinet level so that we can build on the progress we’ve made. Together, we’re building a secure and prosperous North America that stands ready to tackle the challenges of the 21st century. Thank you.
MODERATOR: (Via interpreter) Thank you, Secretary Raimondo. To continue with the press conference, the Q&A session, yes, let’s begin with Ivette Saldaña, El Universal newspaper. Please, Ivette.
QUESTION: (Via interpreter) Hello. Good afternoon. My question is for – I’m right here, and it’s for Secretary Antonio Blinken. Do you think the energy environmental policy in Mexico, does it go against the impetus or promotion of clean energies? Do you think it does that, and also protection of the environment?
This is for Secretary Clouthier. My question is: what are the topics of concern, the issues of concern for the United States? Did you include in your discussions today the solar panel situation? There’s an agreement between Mexico and Canada, but there’s no agreement between Mexico and the United States. Thank you.
SECRETARY BLINKEN: Thank you very much. Two things. It’s evident from the conversations that we had today, as well as the work that we’ve been doing over many months, that we see – the United States and Mexico see – a shared opportunity to build an energy future that advances our climate goals, that advances sustainable growth, and that creates new opportunities. And one of the things that we focused on in our conversation today with President Lopez Obrador is something that has been, I think, a driving vision for him, and that is the integration of our economies and the integration of North America. And one of the ways that we’re doing that is through clean energy.
We have the potential, as you heard Secretary Raimondo discuss, including through some of the facilities made available and new legislation in the United States, to be leaders in, for example, producing electric vehicles together. Our countries have a shared commitment, for example, to see that by the year 2030, 50 percent of vehicle sales are electric vehicles. But we should be making them together, and we now have further incentives to do just that. We’re going to be strengthening our supply chains more broadly, but a lot of the focus will be on producing clean energy, but also in doing that, producing good jobs, and in fact, in many cases better-paying jobs that will really be the jobs of the future.
So this was very much a part of the conversation that we had with the president today, and I believe very much part of Mexico’s vision as he described it to us. I don’t want to put words in his mouth, but that was certainly what I heard, and I would invite my friend the secretary to elaborate on that if you’d like.
ECONOMY SECRETARY CLOUTHIER: (Via interpreter) Well, the truth is that we didn’t talk about concerns or preoccupations; we spoke about occupations. And this is what we are occupying our time in, part of the things we discussed today and things we’ve been working on. I said this from the beginning. In the morning, for instance, we were working with the private sector, with the academy, and with the governments to create a road map for us to solve problems. This means occupying our time in this. It’s been a year now working on semiconductors and the supply chain for semiconductors how to integrate the supply chain, how to continue working in the development of our labor force capable of facing new challenges on semiconductors.
So Gina invited us to expand this margin, for us to go get more things, and to develop – and to develop our labor force in cyber security, for instance. And right now, well, we’re working on this next week. We are going to – Mónica Duhem is going to Palo Alto to work on semiconductors with an academy that can be strengthening development of our labor force in Mexico. Monica has been working with area of Deputy Secretary de la Mora and the supply chain for semiconductors.
And just to go into what Secretary Blinken was just saying, well, the president said something that is very interesting. This is something I think you had already heard in the president’s morning press conference: the Sonora plant. This is a very important development for Sonora to become a space of clean energy, a space where we are going to be working with the entire supply chain, from the extraction of lithium with the value chain to reach electromobility and zero-emission vehicles.
So we’re not worried, we’re not preoccupied; we’re occupied. And we shall continue being occupied in those issues. Thank you.
MODERATOR: (Via interpreter) Thank you, Secretary. Now let’s give the floor to Ana Swanson, New York Times. Please, go ahead.
QUESTION: Hi. Thank you so much. Secretary Blinken, on the energy dispute between the United States and Mexico, I understand there is a formal dispute settlement process under the U.S.-Mexico-Canada Agreement, but were there efforts made outside of that today to resolve the issue?
Secretary Raimondo, on the energy issue, did you share any concerns with Mexico that U.S. businesses have about government interference or fair treatment when operating here? And Secretary Ebrard and Secretary Clouthier, I’d welcome your response on the energy issue. I’m also curious: did your discussion today touch on Mexican security issues and any disruptions that it’s caused to trade or border security? Thank you so much.
SECRETARY BLINKEN: Dispute settlement under international agreements is a normal part of trade relationships, even among the closest of partners. And the USMCA has this mechanism. Mexico has used it. We’re using it. And if there’s a difference, it’s a very good way to resolve it and to do it in a way that actually inspires confidence in investors in predictability and stability in the application of the agreement and the broader relationship.
So that – that is going forward. But I think what’s very important, and it’s something that Secretary Clouthier said as well, is that even as we might have an issue or we’re we’re trying to resolve a difference, we are moving full speed ahead in the further integration of our economies and in building the most competitive region in the world, and we’re doing that, as you’ve heard, through the work on supply chains strengthening, the work that we’re doing together in building a clean energy economy, the work on semiconductors, et cetera. So I think the most important thing to say is we’re making very demonstrable and clear progress in a whole host of areas, many of which were covered by the economic dialogue today.
ECONOMY SECRETARY CLOUTHIER: (Via interpreter) I truly love the way Secretary Blinken is saying this, because he says USMCA has dispute settle mechanisms. We have to use them in case there are any differences or a dispute. Nonetheless, part of what we said this afternoon – I think that was very important and it’s not in vain – I mean that the High-Level Economic Dialogue starts with the word “dialogue,” and this is part of the things we discussed with President López Obrador in terms of energy, to solve things through this – disputes through this dispute settle mechanism. And the USMCA has that, and that’s exactly what we’re doing right now. There’s interest on both parts to walk together to find solutions, and this is what I wanted to say.
I give the floor to Foreign Minister Ebrard. Thank you so much.
FOREIGN SECRETARY EBRARD: (Via interpreter) Yes, I coincide with Secretary Blinken and Secretary Clouthier. The consultations are part of an already established process with foreseeability or predictability. It allows us to have this mechanism to settle disputes, and this is the way it was foreseen in USMCA. And today that wasn’t the objective of the meeting. We are in the process of a dialogue, and we hope we’ll reach an agreement in terms of that dialogue. I cannot reveal anything else because it’s confidential information.
And now, in terms of security, I wanted to say briefly that there’s an action plan for the first time. This is a joint Mexico-U.S. – for the first time in the meeting we’re going to be holding in October to exchange results we have – where are we at? What else can we do? We’ve been working so much with a common action plan, and this is very important because Secretary Blinken is co-author of that understanding, which is translated into actions and a common plan. And yes, we are very optimistic and we see it very positively.
SECRETARY RAIMONDO: To answer your question on – as has been said, we didn’t talk extensively about it, but I would only add that what businesses are seeking is predictability, fairness, and transparency. And I think that that is true of every business everywhere in the world.
MODERATOR: (Via interpreter) Now let’s give the floor to Ernesto Gloria, Enfoque Noticias. One question, please. Thank you.
QUESTION: (Via interpreter) Yes, good afternoon. My question is for Secretary Blinken and Secretary Raimondo. In the conversations you’ve had with Mexican officials, do you have a date for the arrival of investments you’ve announced – the $50 billion, for instance? Did you talk about the beneficiary states that are going to be getting those investments?
SECRETARY RAIMONDO: Thank you. So we have already started the process of engaging with stakeholders in the United States, and we expect that the first money will be invested in the first half of next year. But I can tell you that the fact that Congress passed the legislation has already unlocked billions of dollars of capital from businesses. So today, for example, as we’re here, a company called Micron made a multibillion-dollar investment of a new manufacturing facility in Idaho. That’s one example. Intel has already made a big investment. So the fact that these companies have the certainty that the CHIPS Act passed has already unlocked a great deal of capital.
The opportunity I think for Mexico is not just in the manufacturing facilities but in testing, packaging, and assembly. Now in China and Taiwan, there’s about 60 – the testing, packaging, and assembly industry for semiconductors is a $60 billion industry. In North America it’s $3 billion. So there is a huge opportunity for growth in North America and job creation just in the semiconductor supply chain. And as we discussed today, that doesn’t even include the jobs for printed circuit boards, printers, computers. So we’re really very excited about the opportunities for job creation in Mexico and in the United States on account of the CHIPS Act.
MODERATOR: (Via interpreter) Thank you. The last question for Iain Marlow, Bloomberg. Yes, one question, please, from Bloomberg.
QUESTION: Secretary Blinken, just moving to global events now, we’ve seen some stunning developments on the battlefields in Ukraine with Ukrainian forces making unprecedented gains in recent days. I’m wondering if you could give your perspective on what the last few days mean for the overall direction of the war, the role the U.S. and allies have played in the leadup to the counteroffensive, and what it might mean for broader efforts to eventually end the conflict.
And just one other question on the JCPOA: There appears to be growing pessimism not just in Israel but also now in Europe about the prospect of a deal, particularly in the near term, with some suggesting any negotiated settlement may have to wait until after the U.S. midterm elections. I’m just wondering if we could get your own assessment of the current timeline on those negotiations and your own view on any eventual settlement. Thanks.
SECRETARY BLINKEN: (Inaudible) very much. Let me take the last part first on the JCPOA. What we’ve seen over the last week or so in Iran’s response to the proposal put forward by the European Union is clearly a step backward and makes prospects for an agreement in the near term, I would say, unlikely, and you’ve heard the European Union and in particular you’ve heard the so-called E3 – Germany, France, and the UK – pronounce themselves on the latest developments. I can’t give you a timeline except to say, again, that Iran seems either unwilling or unable to do what is necessary to reach an agreement and they continue to try to introduce extraneous issues to the negotiation that make an agreement less likely. But certainly what we’ve seen in the last week is a step backward away from the likelihood of any kind of near-term agreement.
In terms of Ukraine and the situation there, a few things. As you know, I was there last week and had an opportunity to spend time with President Zelenskyy and members of his administration, to hear in detail about the work that they were doing on the counteroffensive that was recently initiated in southern Ukraine but also, as we’ve seen, in the northeast in and around Kharkiv. And what they have done has been very methodically planned out and, of course, it’s benefited from significant support from the United States and many other countries in terms of making sure that Ukraine has in its hands the equipment it needs to prosecute this counteroffensive, which has one clear purpose, to take back the land that has – that was seized by Russia’s aggression.
And this is early days still, so I think it would be wrong to predict exactly where this will go, when it will get there, and how it will get there. But clearly we’ve seen significant progress by the Ukrainians, particularly in the northeast, and that is a product, as I said, of the support we provided, but first and foremost, it’s a product of the extraordinary courage and resilience of the Ukrainian armed forces and the Ukrainian people. That’s the biggest difference maker. And as I’ve had the occasion to say, fundamentally, Ukraine is fighting for its homeland, for its future. The Russians who are there are not. Ukraine is not theirs. Ukraine does not belong to Russia. It belongs to the Ukrainian people, and that’s the single biggest difference maker, as I said, that I think we’re seeing play out now.
Having said all of that, it is too early to tell exactly where this is going. The Russians maintain very significant forces in Ukraine, as well as equipment and arms and munitions. They continue to use it indiscriminately against not just the Ukrainian armed forces but civilians and civilian infrastructure, as we’ve seen. The brutalization of the country continues by the Russian aggressor, and there is, I think, unfortunately the prospect that this continues to go on. But I think it’s encouraging to see the progress that Ukraine has made, and what I said to President Zelenskyy on behalf of the United States – and what many other countries have continued to reaffirm – is we will continue to do what is necessary to support Ukraine, to maintain pressure on Russia so that it ends it aggression, and of course, as necessary, to shore up our own defenses.
Last thing I’ll say is this. We’ve seen that this aggression by Russia, an attempt to erase Ukraine’s existence as an independent, sovereign state, has also created tremendous challenges in virtually every corner of the world, not only in Ukraine but – and not only in Europe but all around the world, including in our own hemisphere. We see it in higher food prices, higher energy prices; we also see it in the assault that Russia’s engaged in on the very principles of the international system that are necessary for keeping peace and security that should be of interest to every country – the notion that sovereignty matters, territorial integrity matters, independence matters. And I think what you’re seeing from countries around the world is a strong desire that this aggression cease and that the second and third-order consequences are as a result diminished. That’s very important too.
So bottom line is this: Russia committed this aggression. I think, given the price that it’s paying, it can and should stop it.
MODERATOR: (Via interpreter) On behalf of the ministry of economy, thank you so much for being here in person, and our live transmission as well, the streaming process. Thank you so much. Thank you for attending this U.S.-Mexico High-Level Economic Dialogue, the second annual meeting. Thank you so much and see you next time. Good afternoon.