‘Quad leaders condemned Pahalgam terrorist attack’, MEA provides key insights into FMs' meeting

追加: 2026-05-26

[00:00:00]I welcome you to this briefing by additional secretary Shri Nagaraj Naidu on the Quad Foreign Ministers meeting that was just held this morning.

[00:00:15]Um, you would have seen that we've released several of the documents. It was a successful visit and we've had some very meaningful outcomes.

[00:00:24]For more on the outcomes and as to all the discussions that have happened in the Quad Foreign Ministers meeting. I turn it over to Shri Nagaraj Naidu.

[00:00:35]Over to you, Naga.

[00:00:37]Thank you. A very good afternoon to one and all.

[00:00:41]The 11th Quad Foreign Ministers meeting was held earlier today at Hyderabad House.

[00:00:47]It was hosted by External Affairs Minister Dr. S. Jaishankar. The meeting, as all of you are aware, was attended by the Foreign Ministers of Australia and Japan and the Secretary of State of the United States.

[00:00:59]Uh, the Quad Ministers had an opportunity to take a review of the progress of the Quad agenda and discussed regional and global developments concerning the Indo-Pacific.

[00:01:10]Uh, the meeting reaffirmed the Quad's commitment to a free and open Indo-Pacific and emphasized that the Quad continues to evolve as a practical and an action-oriented platform delivering tangible benefits for the region.

[00:01:26]Discussions focused around four pillars of Quad cooperation.

[00:01:30]The first pillar is maritime and transnational security, two economic prosperity and security, three critical and emerging technologies, and four humanitarian assistance and disaster response.

[00:01:44]The ministers underscored the importance of maritime security and resilient sea lanes in the Indo-Pacific.

[00:01:51]The Quad has expanded its cooperation under the IPMDA, which is the Indo-Pacific Maritime Partnership for Maritime Domain Awareness, including efforts towards a comprehensive common operational picture across the Indo-Pacific.

[00:02:08]The Quad today launched the Indo-Pacific Maritime Surveillance Collaboration, the IPMSC.

[00:02:15]This is aimed to strengthen the coordination in Maritime Surveillance.

[00:02:20]IPMSC, with the integration of the latest technologies, will augment the IPMDA and enable sharing of real-time information and provide an enhanced picture of vessels. This effort will initially be focused on the Indian Ocean region.

[00:02:37]Counter-terrorism is a significant pillar of the Quad cooperation.

[00:02:40]Ministers strongly condemn terrorism in all its forms and manifestations, including cross-border terrorism. The joint statement specifically condemned the terrorist attack in Pahalgam in April 2025 and reiterated the need for decisive international action against terrorist entities, finances, and sponsors.

[00:03:02]Economic security and resilient supply chains featured prominently in the discussions.

[00:03:08]The Quad announced the Quad Critical Minerals Initiative Framework to strengthen cooperation in mining, processing, recycling, and investment across trusted critical mineral supply chains. The idea is to mobilize public and private sector support and deepen cooperation in various areas, including regulatory practices, investment facilitation, recycling technologies, and resilient supply chains essential for advanced manufacturing and emerging technologies.

[00:03:40]The ministers underlined the importance of freedom of navigation, unimpeded commerce, and the safety and security of seafarers, including through key maritime routes.

[00:03:51]In light of the recent disruptions in global energy markets, the Quad has launched the Quad Initiative on Indo-Pacific Energy Security. The effort is aimed at leveraging the unique resources that our Quad partners bring to the table.

[00:04:08]And the idea is to come up with an engagement plan that will focus on technology, management, international market analysis, and emergency response.

[00:04:20]Building on the success of the Quad Ports of the Future conference that India had hosted in Mumbai last year, the Quad has reaffirmed its commitment to trusted and resilient infrastructure, including port infrastructure development in Fiji.

[00:04:37]The ministers emphasized the importance of trusted technology partnerships in areas such as 5G, 6G, AI, Open RAN, semiconductors, digital standards, and strengthening undersea cable connectivity across the Indo-Pacific.

[00:04:53]The Quad also announced cooperation on next-generation communication standards and digital identity interoperability.

[00:05:01]The Quad reaffirmed its commitment to practical cooperation in the domain of HADR. The Quad also highlighted progress under the IPLN, which is the Indo-Pacific Logistics Network, which is aimed at enabling faster and more effective civilian disaster response across the Indo-Pacific. Overall, the foreign ministers meeting has demonstrated the Quad's continued focus on practical cooperation and delivery-oriented initiatives that contribute to peace, stability, resilience, and prosperity of the Indo-Pacific. At the end of the meeting, Quad partners have adopted four documents, a joint statement, a fact sheet, a joint statement on the Indo-Pacific Energy Security, and the Quad Critical Minerals Initiative Framework. All of these four documents are already uploaded on the MEA website.

[00:05:52]Thank you very much.

[00:05:57]Thank you. With that, we open the floor for questions.

[00:06:01]So, we'll go from this side. Or from here, Klesh.

[00:06:09]Sir, I am Akhilesh Suman from DD News.

[00:06:12]Uh Strait of Hormuz is one of the major problems of the world, and specifically the Indo-Pacific country, global south.

[00:06:19]When the four prime ministers met today, uh what was the orientation of the discussion, and was there any, you know, joint action plan for opening reopening the Strait of Hormuz? Mhm.

[00:06:33]We go. Second one.

[00:06:37]May I have my Shankar Singh in Japan as a journalist? Uh I mean Yeah, sorry.

[00:06:55]Indo-Pacific Maritime Surveillance Collaboration Uh Uh is this a really Uh can I say collective defense mechanism Thank you. Mhm.

[00:07:21]Kadambini.

[00:07:23]We'll come back.

[00:07:24]Uh I'm Kadambini Sharma, independent journalist. So, I want to ask this question on critical minerals understanding. It says that the framework will strengthen critical mineral supply chains in mining, processing, and recycling. So, what is this system of recycling? Where will there be any special systems in countries, or specifically in India?

[00:07:44]Thank you, sir. Mhm.

[00:07:45]Neeraj.

[00:07:49]Mhm.

[00:08:22]Mhm. Kishore.

[00:08:24]Sir, Kishore Mohan Sharma Bharat Express sir.

[00:08:26]Uh Ek sawal Indo Indo-Pacific Lekin usme third party party cause me involvement China To usme maritime security Indo-Pacific To usme Mhm.

[00:08:48]I think Nagraj, we can take these questions and come back for more.

[00:08:53]You have an additionality? Uma?

[00:08:56]Okay. Link to his question. Please go ahead.

[00:09:00]Uma Shankar's question.

[00:09:01]Sir, I'm Uma Siddiqui. Surveillance, huh? Surveillance issue.

[00:09:05]The US Secretary of State also mentioned something about a Coast Guard Mhm.

[00:09:11]Quad joint action So, if you can talk about that. And also in you mentioned about the energy security You talked about the two the quad talking about energy security. If you can talk give Mhm.

[00:09:33]We can take these questions.

[00:09:36]Thank you. I think uh you look at the uh the joint statement that has been released today, I think uh contextually speaking, uh we find ourselves at uh that moment wherein uh the international waters are increasingly getting closed, uh and that is impacting our overall energy security. Uh particularly, not just India, but many countries across the Indo-Pacific. And I think all Quad partners agreed to this, and there was a long discussion on it as to what countries could do, how do we ensure uh affordable uh energy to for for example, for India, 1.4 billion people. What are we doing? Uh how are we trying to diversify our sources from where which we we can obtain our energy?

[00:10:21]Uh similarly, Australia was sharing their experiences, and Japan was sharing its experiences. Uh overall, I think the idea was how do we ensure that as Quad partners, we can work together uh to ensure freedom of navigation, unimpeded commerce, because the rights and the safety of our seafarers is also involved.

[00:10:43]And uh in the midst of many of these complex global situations that we see, it is the seafarers that who keep getting impacted a lot. And Quad, if you look at the joint statement, there's a specific reference to this element also.

[00:10:56]Uh so, as the Quad ministers did deliberate on this for quite some time.

[00:11:01]And connected to this is the joint statement that we have specifically released on this occasion, which uh highlights as to how the Quad partners are spotlighting uh energy security. As I had said in my briefing note also, uh our attempt is to ensure that how do we leverage the unique resources and capabilities that the Quad partners can bring to bear.

[00:11:29]Uh Uh, and prepare an engagement plan.

[00:11:32]This plan will focus on not just technology, management policy, but also international market analysis, as well as emergency response. How can we respond to such emergency situations?

[00:11:45]What are the best practices? So, I think what the foreign minister spoke on this issue at quite a length. And it is on that basis that some of these documents have also been released. I would encourage you to kindly look at this joint statement. There's some very novel ideas that we have put forward.

[00:12:03]Uh, we take I've heard a question on uh, the surveillance bit that we had earlier talked about. This is the uh, quad the Indo-Pacific maritime surveillance cooperation.

[00:12:16]Uh, this should not be surveillance is should not be seen as militarization of the quad.

[00:12:23]Uh, neither is IPMDA, the Indo-Pacific maritime domain awareness. The idea today is that the international waterways today are are now getting clogged. Uh, at the same time there are a lot of uh, gray ships around. There are dark ships around. So, countries, you know, in the Indo-Pacific sometimes do not have access to such technologies.

[00:12:47]So, quad partners uh, have come together. Some of these technologies are very very expensive. They are available commercially. So, what quad partners are doing together is to somehow buy this for example. We have the uh, we have the Indian Ocean uh, region.

[00:13:05]Uh, the IOR uh, wherein we kind of get the data from the United States and this data is then circulated to friendly countries who need such data for their own uh, safety issues. So, this is something that we have discussed within the quad domain that this IPMDA project has been going on for quite some time. It is not new.

[00:13:28]The additional layer that we have added through the IPM SC is to bring in more technology to bear. So, IPM DA will top up with IPM SC and this will enable us to provide real-time data to partners particularly and give them an enhanced picture of the kind of vessels that are operating in the waters.

[00:13:49]So, that is the whole focus on the IPM SC, but we have seen a question on critical minerals and the focus on recycling.

[00:13:59]Today, the entire discussion around critical minerals, rare earths, etc. has taken immense traction and the whole issue of how do you ensure supply chain resiliency everybody seems to be asking the same question, but not everybody has the ability to process rare earths.

[00:14:20]So, that has become a huge challenge because not many countries have put resources into into processing and extraction of some of these rare earth resources and as we advance and focus more on new technologies, the the demand for critical minerals is only going to rise. So, how do you ensure that for example, all of you are using smartphones. So, smart the amount of critical minerals that could get into a smartphone is something that we need to think about. So, as your automobiles are becoming extremely smart, the if you look at an an average automobile today, the dashboards are completely digital. All of them require rare earths. So, as we keep growing and the societies and technology becomes more smarter and in a country of large as large as India, you need access to critical minerals. So, you are looking at the entire value chain of the critical minerals including recycling because end of the day if you have the technology to extract critical minerals out of electronics that have been used but are going to be anyway disposed of. So, that will be a huge game-changer and it is this area where in we think that India can come together because end of the day recycling is not going to be an easy. You also need large quantities of of products to extract your resources from and I think the idea is to how do you bring private sector, public sector, quad partners together and identify relevant projects which can really work for the Indo-Pacific. So, that was the whole idea.

[00:16:06]There was a discussion that this is a third quad foreign ministers meeting in the last 18 months. Yes, the quad as you know uh even Secretary Rubio in his intervention had mentioned that less than 24 hours since he was confirmed as the Secretary of State he had hosted the quad foreign ministers in Washington, D.C. on the 20th the 21st of of January in 2025. So, that was the first occasion. It was his first meeting with the quad foreign ministers.

[00:16:41]This was soon followed up by a second quad foreign ministers meeting in July and this is the third occasion that the foreign ministers are meeting.

[00:16:50]This actually talks about how active the quad is.

[00:16:54]The quad the way we work is that there are a number of working groups in which conversations are happening almost on a regular basis whether it is a counter-terrorism working group, whether it is the infrastructure working group, whether it is the quad maritime security working group or the critical and emerging technologies working group. So, the quad is actually a very active group. Practically every month there are about close to five to six working groups that get to meet and that is the reason why we we require in some sense the Quad Foreign Ministers to keep doing a review of the kind of work that the Quad working groups are delivering.

[00:17:33]As far as the summit is concerned, I think Quad leaders have just met.

[00:17:40]That the Quad Foreign Ministers have just met today.

[00:17:43]The Quad usually discusses these dates and occasions where it is convenient for the leaders to meet because leaders schedules always are very very difficult to kind of, you know, pin down today. There have been in the past occasions wherein, for example, the the summit had taken place in in Delaware in 2024.

[00:18:08]It was actually supposed to be hosted by India, but then as a as a gesture to President Biden who was leaving the White House, it was decided that perhaps it could be done in Delaware. So, we leave it to our seniors, our Foreign Ministers. They are in touch with each other and even if you see there is a mention of the summit and the Foreign Ministers meeting in the joint statement.

[00:18:37]As to when, where, I think we will come back to you. This is this will be a great occasion for us. A summit level meeting is always something that even we look forward to.

[00:18:49]Uh There was a question at Quad at Sea.

[00:18:53]Quad at Sea is uh uh an element that we think it is actually uh something that we have started last year.

[00:19:04]And this year India will be hosting it.

[00:19:08]It is to bring the Coast Guards of the four countries together and enhance cooperation. We would like to understand as to how Coast Guards of Japan operate, Australia operate, the United States, and what are the lessons that we could take from them. So, this is this is an additional dimension of Quad cooperation. There is a lot of learning.

[00:19:32]India has a very long coastline. And we are very conscious of what we need to be doing, what could be done.

[00:19:42]These are the areas where I think Quad can really uh enhance its learning. And by enhancing its learning is when we could actually take it back to our Indo-Pacific partners who are looking at good examples.

[00:19:56]Uh so I think I've I've taken all questions.

[00:20:01]There was one question about Quad's purpose.

[00:20:08]Can you please repeat your question?

[00:20:32]See, the Quad the Quad here is not the Quad's existence is not because that we need to address a particular geography's concerns. I think the Quad has come together way back in 2004.

[00:20:48]Uh this is 2026. We have been The Quad has been operating now for a very long time. And as we always keep saying, our focus has always within the Quad has been to deliver practical projects.

[00:21:03]The Quad has come together at the time everybody knows at the time of the COVID pandemic how the Quad came together and had the pandemic response that was put together in delivering of vaccines.

[00:21:17]Similarly, I think lot many partners don't realize if you look at some of our previous fact sheets, for example, India through the Quad platform, we are delivering off-grid solar projects all along East Africa. We are also doing projects in Fiji. So, I don't think the Quad is there is always an attempt to perhaps paint Quad in a particular manner, but that is not what it is. Quad, if you look at what we do, the the Quad activities are always, you know, informed. All our documents are publicly available.

[00:21:54]And if you look at the kind of documents we are bringing out, we are enlarging the scope of the developmental agenda.

[00:22:02]Critical minerals is of a huge importance to me all across the world.

[00:22:06]And Indo-Pacific partners are asking us as to what can the Quad do. For example, I'll give you a very good example of India is offering scholarships to students in the Indo-Pacific.

[00:22:23]A four-year engineering program in some of the best national engineering colleges in India. And today we have about what 14 students from the Indo-Pacific, from 11 different countries who are pursuing an engineering program in India. So, this is the kind of projects Quad does.

[00:22:44]Highly impactful.

[00:22:46]Our idea is to focus on how can we enhance the skills, the capabilities of our partners.

[00:22:53]So, I think the idea is what we plan to do is we have a very clear focus that the Indo-Pacific is a region that the Quad would like to deliver public goods.

[00:23:06]This has been articulated many, many times by our by the Prime Minister as well as by the Foreign Minister. So, that would be our focus and we will take it forward.

[00:23:17]We come this side now. We start with Siddhant.

[00:23:21]Hi, sir. Siddhant from Vion.

[00:23:24]What is the big message from the Quad Foreign Ministers meeting in terms of its future? Because at a time this time, it's believed that either the Quad is dead or there is a change in the American position.

[00:23:38]They're going I mean, not very strongly because of the recent visit of Trump to Beijing.

[00:23:46]Mhm.

[00:23:47]Okay. Madhu.

[00:24:33]Mhm. Brahm.

[00:24:38]Sir, Brahma Prakash Dubey Z News se.

[00:24:58]Thank you.

[00:25:03]So Kamala from the Hindu so in the joint statement you are referring to rule of law.

[00:25:08]But I want to ask you when when we look at the actions by the United States in the recent past.

[00:25:15]Do you think that fits in well with that?

[00:25:20]Especially attack on Iran that's very important.

[00:25:23]Sudan Hi sir I'm Sudan from senior news 18 sir just want some clarity on on who is actually a chair of quad this year or next year because there are multiple reports doing the round that India will pass on the beat into Australia. We were supposed to host the summit in 2024 but then summit took place in United States then last year we were supposed to host could not happen this year so are we are we carrying forward the pending chairmanship of quad or what's just give some clarity on this thank you.

[00:26:01]Your question there now.

[00:26:03]Okay then we'll come back you got three questions there we'll come back tomorrow. Okay come back please.

[00:26:12]I think there was a question by you know Sudan on what is the focus of the quad whether the the US is interested or engaged in it.

[00:26:22]I think you should go as I just had kind of indicated earlier today I think the United States is very engaged continues to be remain engaged in the quad you saw that in secretary Rubio's statement and also acknowledged by the Australian foreign minister in her articulation of the amount of importance that the US is paying to the quad and I would encourage you also to look at the US focus on the Indo-Pacific through their new national security strategy and their national defense strategy which would also kind of indicate to you their focus on this region and on the quad and as I said in 18 months this is the third meeting. So the quad foreign ministers remain deeply engaged and these are three of those meetings where they have come together as a group but also please don't forget that the quad foreign ministers meet on multiple locations at other plural actual platforms which have which keep happening from time to time. So I think the focus remains as as we always keep saying that the quad is here to stay and the quad will continue to keep going strong.

[00:27:39]We do not see that our work has kind of come down. It is only increased. We've been adding layers of initiatives to what we keep doing in the quad domain and partners are very happy with the kind of work we are doing and delivering.

[00:27:58]One of colleagues had asked about whether any country would like to join.

[00:28:03]As of now the quad continues to remain the grouping of four members but we are delivering for the all of the Indo-Pacific. So I think wherever we see there is a potential for collaboration in specific I don't think the quad is averse to working with other partners. So >> [snorts] >> There was a question on counter-terrorism and whether there is any exercises. I would encourage you to please look at the quad fact sheet that we have released.

[00:28:43]If you look at the serial number four of the fact sheet it very clearly says that last year India had hosted two quad workshops on counter-terrorism, which is focused on countering the use of unmanned aerial vehicles, drones of for terrorist purposes, and preventing terrorist exploitation of new and emerging technologies.

[00:29:05]And quad partners will hold quad counter-terrorism table top exercises, which will be focused on state-sponsored terrorism threats and uncrewed aerial vehicles. So, this is going to take place in Australia next month, in the month of June. So, quad is heavily focused on CT because this is an area that I think all quad partners continue to remain engaged.

[00:29:31]Terrorism is changing, the nature of terrorism is transforming. The kind of instrumentalities that the terrorist organizations are deploying are also changing.

[00:29:42]So, this requires that all quad partners join hands together. As you have seen last time, after the Pulwama attack, the quad partners came together in July.

[00:29:55]When we met, a very strong statement was released by the quad on the Pulwama attacks. At the same time, we worked very closely with the United States, which resulted in the UN monitoring report actually publishing mentioning the terrorist the resistance front, the TRF had got mentioned in the UN monitoring committee report under the 1267 sanctions committee. At the same time, the State Department also has declared the TRF to be a forest terrorist organization. So, I think quad is a very valuable platform for our CT discussions. And the CT working group is a very vibrant group that does a lot of activities, a lot of table top exercises uh between the law enforcement agencies, between all the four Quad countries.

[00:30:51]Um Um see, I think one question on who is actually chairing the uh the Quad.

[00:31:01]See, this question keeps coming uh not necessarily from Quad partners. Uh this is from others who who who who who want to keep questioning the Quad.

[00:31:11]All I would like to assure you is that a Quad is a very nimble organization. We don't have a formal secretariat, uh but that that gives us the flexibility to do a lot of things. So, currently, India continues to be the chair of the Quad. Uh we were to as I said earlier today, we were supposed to be hosting the summit, uh but it so happened that uh there was an opportunity that had come up and uh US wanted to host it in Delaware. So, uh and since uh it was also uh uh that President Biden was demitting office, so it was felt that, you know, it would be a an opportune time for the US to host it.

[00:31:56]So, uh but I would rest assure you that currently India continues to remain the chair. Uh we've just hosted the foreign ministers meeting. Definitely, the next foreign ministers meeting will be held elsewhere and most of these decisions are taken by the foreign ministers and when whenever such a decision is taken as to the date and the venue, we will be the first to communicate that to you.

[00:32:21]Anything else?

[00:32:24]Rule of law.

[00:32:26]Uh see, the question of rule of law did kind of not necessarily come up as a topic of discussion, but this is something that the Quad partners uh believe in and uh there hasn't been a Quad statement without mention of the rule of law.

[00:32:44]And whether our particular party are colleagues in the Quad articulated in their interventions, yes they did. They did mention the the idea of rule of law. Whether we questioned somebody's interpretation of the rule of law, no we didn't. But at the same time it didn't necessarily come up in the context in which you have actually put it. Thank you.

[00:33:09]So we have questions one to three there and then Rishabh.

[00:33:15]Hi sir, this is Pushpita from New Indian Express. So sir, under the commitment of 20 billion for the Quad critical mineral framework, if you could give us some idea how much of the financing is supposed to come from India and if we have any specific private players who could be a part of it. And do have we set any particular timeline for this commitment of 20 billion Quad framework?

[00:33:40]Niraj.

[00:34:03]I want you.

[00:34:05]Sir, Abhimanyu Sharma from CNBC TV 18.

[00:34:08]Sir, there are news reports which are indicating that the future Quad leaders summit would be held on the sidelines of major multilateral gatherings in instead of a standalone annual event. Is that correct?

[00:34:21]I think on that he already spoke so We got Rishabh.

[00:34:26]Good evening secretary, this is Rishabh.

[00:34:28]Sir, just wanted to understand generally we have seen there have been question and answers after the remarks at the Quad summit or the foreign ministers meeting. Today, we did not see. So, why was this exception made today?

[00:34:40]Mhm.

[00:34:43]You can take the first >> Yeah, set of questions. Thank you. I think, see, the 20 billion that you see is something that uh uh is a number that the Quad partners felt comfortable with kindly looking at what each Quad partner was actually doing in that particular domain.

[00:35:00]Uh the operationalizing this will happen in the next meeting that uh this particular uh uh agreement that you see uh we should thank uh the Ministry of Mines uh uh the team there was very very active in the negotiations and we look forward uh to their next working-level group meeting, which will kind of lay down as to the kind of activities that we could look at uh particularly in the domain of critical minerals. As As a matter of fact, a lot of activity is already happening. Uh we just need to uh kind of put it all together and take it forward.

[00:35:40]>> [sighs] >> Niraja Okay. Uh the uh the achievement >> the achievement, see, the fact sheet is itself showcases what the Quad is delivering. So, I don't know beyond that uh if please I would encourage you to always look at the Quad fact sheets. There is a joint statement and there is a fact sheet. The fact sheet it gives you a very clear articulation of what the Quad is delivering.

[00:36:08]And as a matter of fact, the Quad foreign ministers are extremely happy when they meet to because it is very easy easy to uh gauge the progress. For example, currently, we are in the process that India is in the process as part of the overall Quad efforts in delivering, you know, uh HPV sampling kits uh for cancer all across the Indo-Pacific. So, this is an exercise we're already doing. So, that's what I keep saying.

[00:36:36]Please look at some of our joint joint fact sheets. They're They're extremely good information that is put out there as to the kind of work Quad is actually because we we keep saying that the Quad is here to deliver public goods. And that is what we are doing.

[00:36:50]And this year you will actually see three off three to four off-grid solar projects that we are going to kind of build all across East Africa and even in including in Fiji. So, in Comoros, Madagascar. So, all of this is happening. Uh Maybe we will have to maybe I'll ask encourage if we can bring out more infographics on the kind of work that the Quad does in delivering these projects. So, Okay.

[00:37:20]On the issue of Q&A, look, I think actually we should thank ASXP for putting up a huge hangar outside there wherein I think if you had seen I think the last time there was a Q&A in the with for the Quad foreign ministers, it was in 2023 in Melbourne.

[00:37:43]Since then, I think in 2024 when Japan hosted it in Tokyo, there wasn't a Q&A session. Similarly, there hasn't been a Q&A session the last two times in Washington, D.C.

[00:37:58]So, I think I don't know if This was This was the preference of the ministers that we have just press statements.

[00:38:07]Naturally, being the host, we deferred to their choice, their preference.

[00:38:13]As Nagaraj said, this is also in line with the recent practice in Quad.

[00:38:20]So, if we don't have any more questions, then we thank all of you for your participation. Thank you very much.