To reflect these new realities, including the market perception of the status of the State Governments, in 1997, the coupon rate for the entire borrowing programme for all the States was fixed broadly on the basis of a mark-up (which was initially 25 basis points and later increased to 50 basis points) over the yield of ten-year stock of the Central Government.
In fact, we could very easily be holding our meeting today by video conference, although I myself very much prefer making and maintaining contacts on a personal basis. There will surely always be a need for personal dialogue. The planned Trans-Pacific Partnership contained provisions that addressed the blurring between tradable goods and supposedly non-tradable services.