Introduction
The COVID-19 is one of the worst pandemics that have affected the global economy and shifted the course of international business. Amidst the pandemic, vaccination fears, shutdowns, and economic turbulence, global companies were forced to transform quickly to remain relevant (Marinov and Marinova, 2021).
The outbreak of the COVID-19 pandemic has impacted a range of typical business activities; however, it has also impacted the development of new trends and practices in the context of international business. The purpose of this essay is to review the current movements associated with international business due to the COVID-19 pandemic to understand the changes that will define the future of businesses worldwide.
It is important to examine the changes that occur in the international business environment for several reasons. Firstly, it assists managers and organisations to plan their operations around the new normal and adapt effectively to the emerging economic challenges in the global marketplace (Van Assche and Lundan, 2020).
Secondly, it presents valuable information on how supply chains and consumers are affected around the world and how global markets have been adapting. Lastly, this study makes a contribution to the body of knowledge by presenting a current application of theories of international business in a global crisis further expanding knowledge and practice of international business management (Pereira et al., 2022).
The structure of the essay is very well thought out and organized in a way that offers a complete discussion of the issue at hand. The first part presents a clear background and purpose of the research to create a context for the ensuing debate. The next phase defines the research question and highlights its significance in order to maintain relevant and clear lines of inquiry.
This is followed by an evaluation of the theoretical underpinnings for the analysis, with reference to existing theories in the field of international business. In the methods and analysis section of the paper, the author describes how the data was collected and analyzed, and in the finding/results section the paper highlights the trends that were discovered.
Last of all, the discussion section provides a critical analysis of the implications of the studied trends, while the conclusion section highlights the major findings of the study and provides recommendations for further research.
Background
Contextual Background on International Business Before COVID-19
International business (IB) prior to the COVID-19 pandemic was characterized by globalization, strong supply chain, and much emphasis on physical presence and meetings. The international business environment involved global companies running their operations with a focus on exports, FDI, and the flow of goods, services and capital across borders (Baber and Ojala, 2020).
The global business environment focused on comparative advantage and competitive strategies, and MNCs started venturing out to reap the benefits of low costs, access to new markets and talent capital (Kuofie and Muhammad, 2021).
These technological developments particularly in the areas of communication and transport have reduced the cost of international trade and promoted globalization.
Globalisation was also boosted by trade liberalisation measures like free trade agreements and economic blocs like the European Union and North American Free Trade Agreement that eased the ease of businesses across borders (Caligiuri et al., 2022). Management committed resources to establishing complex networks for sourcing materials and distributing finished goods and services to consumers at minimal cost.
How the COVID-19 Pandemic Affected Global Business Operations: A General Discussion
The outbreak of the COVID -19 pandemic at the beginning of the year 2020 disrupted the international business operations massively. As countries closed their borders and imposed stay-at-home policies to contain the outbreak, global supply chains were under immense pressure (Ratten, 2020).
Factories were closed, movement of people and goods was restricted, and the supply of materials and parts became unpredictable. The pandemic revealed the fragility of complex and lean supply systems, leading companies to question the risks associated with such networks.
In addition, COVID-19 advanced digital transformation and the culture and practice of working from home (Amankwah-Amoah et al., 2021). Due to COVID-19 measures, companies had to transition to digital contexts for operations. B2C trading was affected because consumers stopped shopping physically from the stores and resorted to online platforms.
Businesses embraced technology such as telecommuting and virtual meetings, eradicating the conventional business practices. Consumer behaviour was also significantly disrupted during the pandemic. Speculations concerning health and safety, the economic situation, and changing priorities affected the spending behaviour (Klymenko and Lillebrygfjeld Halse, 2022).
Such changes required business entities to re-strategize on their marketing approaches, products and services, and even modes of information dissemination. The pandemic demonstrated concerns with flexibility and continuity in business processes, forcing corporations to adapt and evolve on the fly.
Aim of the Study: Examining the New Trends in International Business New Emerged after COVID-19
Thus, this study intends to identify new trends in international business as a result of the COVID-19 outbreak. Such an analysis is crucial in order to see how the world economy and business environment have been transformed and to learn more about the approaches that companies are using to address the changes. The first of these key trends is pointedly defined as the speeded-up process of digitalisation and the emergence of e-commerce (Ichsan et al., 2020).
This change that has embraced the use of digital platforms and new online business models has been a turning point in international business impacting different factors of business such as marketing, sales, supply chain, and customer support. Another emerging trend, which has become more pronounced in recent years, is the phenomenon of remote working or virtual collaboration (Pinzaru et al., 2020).
These dynamics affect issues such as organizational structures, employee performance and cross border working. This research will look at how managers and organisations have been coping with remote working and its implications for global business activities.
Other issues like supply chain resilience and supply chain localization have also emerged as the significant areas of concern. The COVID-19 crisis exposed vulnerabilities of outsourcing in the global supply chain as companies adapted to new ways of sourcing in order to avoid future shut downs (Farmaki et al., 2023). Specifically, this study aims to understand the moves adopted by various corporations to strengthen their supply chain and diversify from global networks.
Another significant shift is evolving consumer attitudes and market features. To see how consumers’ preferences and actions have shifted during the COVID-19 pandemic is crucial for business to remain sustainable and relevant. The study will examine such changes and their effect to international market strategies.
Research Question and Importance
Research Question
Which new trends have affected the international business across the globe due to the COVID-19 outbreak?
Understanding the Significance of the Research Question
Research question is significant as it aims to capture evolutionary shifts in IB arising from the COVID-19 crisis. The use of this research question can be understood in the context of its relevance in the post- COVID 19 business environment transition, contribution to academic theories in the field of international business and its applicability in today’s globalised business environment and for the policymakers.
Relevance to Analyzing Business in the Period After the Pandemic
There is the need to appreciate the emerging patterns of international business in the post COVID-19 new world order to appreciate shifts in global economic activities. While COVID-19 has sped up some work processes, it has revolutionized others as a result of the widespread social isolation (Santos et al., 2021). To this end, this research can give the following insights in understanding how businesses are responding to the post pandemic era:
This is particularly relevant for numerous organizations in their pursuit to continually be relevant and avert vulnerability. They require knowledge of shifts in dynamics within the local market, consumer preferences, and business tactics in order to devise an adequate reaction (Yeganeh, 2021).
Furthermore, this research can be useful in providing the ability to forecast future developments in international business and prevent disruptions from occurring, leading to increased adaptability and active business preparedness.
Importance in Relation to Theories of Academia in International Business
The research question is significant to the theories in the domain of international business as it presents an actual chance to implement the prevalent theoretical propositions and compare them to what has been experienced globally while practicing social distancing and other measures to mitigate Covid-19 cases (Delios et al., 2021). The current pandemic makes it pertinent to consider the effects on globalisation theory, international trade, and supply chain management systems.
Therefore, an endeavour towards understanding these new trends can help build theories that would be stronger and more responsive to the needs of the current generation.
For instance, changes in working relationships such as digitalization and working from home can be discussed in the lens of the organizational theory, while shifting supply chain practices can shape theories in the context of international distribution and hazards (Verbeke, 2020).
This theoretical development is especially important for academic and learner stakeholders in the field, as it updates their knowledge and resources based on current and realistic incidents.
Practical Implications for Global Businesses and Policymakers
The practical implications of this research question are numerous, providing important guidelines for multinationals and policy-makers alike. From the perspective of the businesses, identifying the new trends becomes crucial to the strategic planning and management (Harel, 2021).
Such information can be effectively utilized by various companies to develop new strategies and improve their functions and position in the global market. For example, companies can embrace novel technologies, redesign their networks to endure the next shock, and adjust their marketing strategies to meet the changing consumer demand patterns. In the case of policy makers, the research implications can be useful in proactively coming up with policies that will spur the economic recovery (Ciravegna and Michailova, 2022).
With this knowledge, it is possible to develop relevant measures that will meet the challenges faced by international businesses and provide an environment that enhances trade and investment. This could include measures to promote digital connectivity solutions, increasing local content procurement, and improving supply chain arrangements.
Theoretical Framework
Discussion of Relevant Theories in International Business
Therefore, to critically evaluate new trends in international business resulting from COVID-19, the research will be anchored on the following theories. These theories provide a framework through which the changes and evolutions in the global business environment can be viewed. This section will describe major theories on globalization, trade and investment, and supply chain. In addition, Porter’s Five Forces, the Uppsala Model of Internationalization and the PESTEL models will be discussed as specific examples.
Globalization Theories
Globalization theories offer frameworks that explain how world economies, societies, and cultures are linked through the movement of products, services, ideas, and money. Before the outbreak of the pandemic, globalization was defined by integration of communities and nations that were propelled by improvement in technology and transport. These books such as Thomas Friedman’s (2005) ‘The World is Flat’ and Anthony Giddens’ (2003) ‘Runaway World’ focus on the flowing borders to commerce and the emergence of a new world market.
The pandemic however disrupted these concepts by revealing dependencies and risks associated with globalization, specifically within such fields as supply chains and travel. Building on globalization theories, this study will analyze how the pandemic has challenged businesses’ globalization-localization equilibrium (Zajda and Majhanovich, 2021). Other concepts of de-globalization and glocalization will also be discussed to explain the new trend of globalization, which can be described as the localization of some business functions on a global scale.
International Trade and Investment Theories
Concepts such as comparative advantage and Heckscher-Ohlin help us understand why nations trade and how they stand to gain (Brondino, 2023). Some of these theories—essential in explaining the structure of international trade—are based on the improvements that arise from the division of labor in the production of goods and services in which nations have a comparative advantage.
However, the COVID-19 pandemic interfered with these patterns and led to changes in trade and investment. These theories will be used to explain how the pandemic has influenced changes in trade and investment practices by businesses (Guarascio and Stöllinger, 2022). For instance, the tendency towards reshoring and diversification of sources of supply can be viewed through the prism of risk management and strategic agility, which complements existing trade theories with contemporary realities and concerns.
Supply Chain Management Theories
Supply chain management theories deal with ways through which raw materials, information and finances are transported from manufacturers to end users (Seuring et al., 2020). Before the COVID-19 crisis, organizations relied on JIT inventory and outsourcing to lower expenses and enhance productivity. But the pandemic exposed the vulnerability of these global supply chains. Literature like Martin Christopher’s (2022) ‘Logistics & Supply Chain Management’ offer insights into the creation of robust supply chain structures. This research uses supply chain management concepts to analyze how organizations are changing their supply chains to address issues of flexibility, robustness and sustainability. Topics like supply chain risk management, bullwhip effect, and lean and agile supply chain will be applied to analyse the strategic changes due to the pandemic.
The following key texts and models should be used
Porter’s Five Forces: This is known as Michael Porter’s competitive forces within an industry model. It will be used to determine the impact of the pandemic on the bargaining power of suppliers and buyers, threat of new entrants, and the intensity of rivalry among existing competitors (Anastasiu et al., 2020).
Uppsala Model of Internationalization: This model describes how firms extend their operations internationally over time (Liesch and Welch, 2024). The paper will employ this model to examine how firms have shifted their approaches to internationalisation due to travel bans and market volatility resulting from the COVID-19 outbreak.
Description of how these theories will be used to explain the new trends
These theories and models shall be used in a systematic manner to assess the novel trends of international business due to COVID-19 pandemic. The evolving globalization theories will help to explain the changes towards local resilience and the right mix of globalization and localization (Seuring et al., 2020). Concerning the modes of international business, international trade and investment theories will explain shifting patterns of trade and investment, with more focus on risk mitigation and adaptability. The theoretical literature on supply chain management will provide a conceptual backdrop for analyzing how supply chains are being reorganized to be more robust and environmentally friendly (Christopher, 2022).
Porter’s Five Forces will then be used to evaluate the strategic implications of such trends and samples of how organizations adapt changing industry forces. This paper will use the Uppsala Model to look at alterations in internationalization tactics, especially, the manner in which firms are coping with a slow return to international markets (Liesch and Welch, 2024). This brings the benefit of enabling the study to draw a rich and detailed understanding of the new realities, which will be useful for firms and policy-makers as they adapt to the new paradigm.
Methods/Analysis
In exploring the new trends in IB results from COVID-19, the research includes mainly the literature review and case analysis approach. This way of writing helps understand all the aspects of the subject matter by using various sources representing different approaches to the topic. The literature review also occurs with specific inclusion and exclusion criteria for the literature being reviewed.
The sources used can be academic and have to give methodical or empirical data about the post-pandemic outlook for businesses, or present theoretical developments (Paul and Criado, 2020). While making the selection, an emphasis is placed on the use of peer reviewed, academic journals to include only well researched articles.
Furthermore, industry reports from credible organizations and consulting firms are included in order to incorporate the recent practices and various business scenarios. Newspapers, magazines, government documents, and political and economic analysis are also read to follow changes in the regulations and measures affecting international business (Paul and Criado, 2020). These diverse sources are therefore helpful in developing a strong understanding as a foundation for the analysis.
The literature review comes before the application of particular approaches of case study analysis. Several frameworks that have been used extensively in the literature are employed to provide a structured approach to investigating the new trends. Some of the notable models are Porter’s Five Forces,and the
Uppsala Model of Internationalization (Seuring et al., 2020). Porter’s Five Force model analysis of the industry forces helps in identifying the changes in the competitive forces in industries influenced by the pandemic impact by evaluating the factors such as supplier power, buyer power, competitive rivalry, threat of new entrants, and threat of substitutes (Christopher, 2022).
This model helps to guide how the pandemic has impacted competitive strategies and make note of observations of changes by organizations. The Uppsala Model of Internationalization gives a valuable theoretical framework which facilitates the understanding of the gradual process of internationalization (Anastasiu et al., 2020).
Given the disruptions arising from reduced mobility and the changing market conditions occasioned by COVID-19, this model is useful in understanding how companies have adapted entry and expansion strategies into new markets in the post-COVID era.
Taken together, these help in offering a systematic approach to analysing the new trends contributing to a more comprehensive perspective on the changing dynamics of the international business environment (Liesch and Welch, 2024). Through the lenses of these models, the study can then sequentially deconstruct and analyse each of these observed trends and relate them back to the main research question related to how COVID-19 has affected international business operations.
The results of this study are expected to draw interest in a broad demographic. Scholars will benefit from the work by exploring theoretical contributions and the analysis of a modern transnational issue through the lens of existing theories (Paul and Criado, 2020). In this concern, the study’s findings can be used to guide future studies, enhance scholarly discussions, and aid in the formulation of improved new theories of international business that factors the effects of the pandemic.
In terms of useful implications for business practice, the study holds the following benefits for business practitioners. The analysis brings practical tips on how companies adapt to the new reality, which may be useful for imitation or adaptation depending on the sector of activity (Fernandes et al., 2023).
Analyzing the logistic strategies and the measures taken to build up the business resilience by the other firms, the practitioner gets the clearly defined ways to modify their strategy and elevate the business resilience level to be competitive in the international market.
Another important target audience for this work is policymakers (Lesi, 2020). The study can be useful in decision making by policy makers to spur growth of the economy after the economic downturn as well as create a business friendly environment for international players.
Knowing the limitations and prospects associated with the business environment, government officials can create effective interventions that would meet the demands of the business world, support the sales of goods and services, and enhance the viability of supply chains (Zhao and Kim, 2021).
Findings
Digital Transformation and E-commerce
The COVID-19 has acted as a catalyst for companies to shift towards digital business models and e-commerce, changing the face of the International Business. The major trend highly notable currently is the shift to online platforms (Dumanska et al., 2021). When physical locations were threatened by shutdowns and social isolation became the global reality, companies of various sizes sought online alternatives in order to continue functioning and sell to the public.
Not to mention that this shift was not temporary but has become a permanent change in the patterns of business and buying. The growth of the Internet has been quite impressive and so has the growth of e-commerce (Boiral et al., 2021). Before the emergence of the pandemic, e-commerce was on the rise but was activated during the pandemic.
Large businesses that initially depended on physical shops to sell their products were forced to improve on their Internet effectiveness (Assaad and El-Adaway, 2021). This involved creating or enhancing the internet stores, implementing online sales channels, and developing efficient systems of delivery to address extra demand.
The COVID-19 pandemic crisis forced individuals to rely more on online purchase since it was convenient and safe for everyone, and was the reason why e-commerce sales skyrocketed (Popkova et al., 2021).
In line with the upsurge in e-business practices, digital and virtual marketing and business practices have expanded significantly. Consumer reach has therefore become a major problem among businesses and thus they shifted their focus towards other techniques of marketing (McIntyre‐Mills, 2020). Currently, social media, SEA, and influencer partnerships have emerged as the core drivers of brand awareness and revenue in the highly competitive landscape.
The fact that different segments of consumers can be reached through specific marketing promotions has added a competitive advantage to many businesses, as it strengthens customer relationships and affinities (Adam and Alarifi, 2021). Furthermore, virtual operation of business has also become more or less mandatory.
Due to the limitations in travelling and working from home, many organizations have switched to the use of applications or programs to enhance their communication. Different platforms that range from video conferencing to project management tools and even cloud services have made it possible for teams to work from different places (Baryshnikova et al., 2021).
This shift not only made business continuity during the pandemic possible, but also created new opportunities for international cooperation and remote work. Organizations can now obtain a staff from wherever in the world, this eradicates the barrier of location and thus boosts flexibility and creativity amongst companies (Khan et al., 2021).
Remote Work and Virtual Collaboration
The global pandemic has also hugely impacted the working environment by encouraging the adoption of the remote work culture due to the rise of COVID-19. Due to complications in health and safety, organizations transition to remote work setups across industries at the onset of Covid-19 (Khan, 2020). This was made possible by the boost in the usage of the advanced technology that allowed the employees to work remotely while communicating and performing their duties.
Telecommuting, which was once a perk for the few and flexibility option, is now the new normal in today’s workplace (Ratten and Jones, 2021). Businesses continue to implement work from home strategies because the employees can continue working during the lock downs and restrictions on social interaction.
This shift has been most apparent in industries including information technology, finance and professional services where work can be easily done remotely (Ranf et al., 2021). Workers have embraced this style of working, used home-based workstations, and communicated through internet-based technologies to connect with co-workers and clientele.
The usage of virtual collaboration has remained a key driver for working remotely. Collaboration tools including video conferencing such as zoom, Microsoft teams and Google meet among others have rapidly emerged to support real-time communication among remote teams (Mattera et al., 2021). Such tools have proved to be vital in holding meetings, trainings, and even huge conferences to make the business run without much hindrance.
It ensures that through screen and document sharing as well as presentation ability, teams are able to work together – though separated by distance. In addition, communication and collaboration platforms such as Slack, Trello, and Asana have played pivotal roles to enhance the productivity of various project tasks (Kukanja et al., 2020).
These tools provide features that enable users to perform the following: these are tasking, tracking and teaming, all of which are crucial in the aspects of productivity in a virtual working environment. They also provide avenues for synchronous and asynchronous communication hence facilitating course members from different time zones (Sharma et al., 2022).
The following are among the benefits that have been realized as a result of new ways of working and information technology. It has low overhead cost of physical working space, flexible mode of working and access to talents from different parts of the globe (Amankwah-Amoah et al., 2021). The world of employment has gone global and organizations can source employees from any part of the world; this has increased diversity and innovation in their workplaces (Maritz et al., 2020).
Supply Chain Resilience and Localisation
The current unprecedented health crisis due to the coronavirus has dramatically transformed supply chain management goals and raised the issue of localisation. Before the start of the pandemic, most organizations depended on lean supply chain structures that prioritized low costs using global sourcing and just-in-time inventories (Margherita and Heikkilä, 2021).
However, COVID-19 disruptions such as lockdowns, transportation interruptions, or factory closures exposed the fragilities of these complex networks. Managers across companies noted limitations such as short supply of key components and timing constraints that disrupted production and delivery. As a result, supply chain reliability has become a focus for organisations to achieve competitive advantage (Gereffi, 2020). This dimension encompasses the processes of reconsideration and reconfiguration of supply networks for future volatility and disruptions.
Such measures include decentralisation of supply sources so that a company will not depend mostly on one particular supplier or region (Alonso et al., 2020). This way businesses are able to use several suppliers, which are located in various areas so that the disruption in any location is minimized (Campra et al., 2021). Further, there is rising interest in creating an inventory of essential material and components’ stock to mitigate disruptions.
Indeed, one of the major innovations that is sweeping through this thinking is the localization of production. The pandemic made companies realize the importance of nearness in their supply chains, and the desirability of moving or expanding their production closer to the final destinations (Khan, 2022). This localization strategy also helps in minimising dependence on complicated supply chains and increases the chances of immediate reactions to market fluctuations and shocks.
Local sourcing also fits in with the growing consumer and regulator pressure for sustainability because shortened supply chains are usually less environmentally friendly (Alraja et al., 2022). Today, the focus is not just about changing the geographical location of the manufacturing facilities. This entails a wider approach that consists of buying from local suppliers and building of local clusters.
The relationships between firms and local suppliers are being enhanced which results to more resilient and reliable supply chains (Kooli et al., 2022). This trend is most evident in the healthcare sector, where the COVID-19 crisis underscored the severity of reliance on international sources for equipment and medicine, including masks and vaccines. Local production can thus support business resilience and supply chain protection and help drive economic growth in a given region (Davidsson et al., 2021).
Changes in Consumer Behaviour and Market Dynamics
COVID-19 has triggered radical changes in consumption patterns and market relations and affected the configuration of the international business environment. Due to the COVID-19 regulations such as lockdowns, social distancing, and equitable issues affecting the economy, consumers have shifted their choices and tendencies (Tomčíková et al., 2021). The COVID-19 pandemic has played a critical role in altering consumer choices in shopping, travelling and other leisure activities due to health and safety concerns.
The analysis has shown an increase in demand for essential food and personal care products, hygiene products, and home entertainment while the demand for non-essential goods has reduced (Turoń, K. and Kubik, 2021). These changes in consumer behaviour have far-reaching consequences for international market thought process.
Organizations must reevaluate the goods and services they provide and the strategies they use to advertise and sell them (Mena et al., 2022). It also means that the advertising strategies that have been in use for a while might no longer be effective with the current generation of consumers. Those brands that display empathy, authenticity, and social responsiveness have the potential to create a positive image and gain consumers’ loyalty in the period of uncertainty (Akpan et al., 2022).
Furthermore, the pandemic has boosted the propensity towards the use of digital channels for shopping and entertainment. Due to the increased demand for convenient and safe shopping, the e-commerce platforms have received unique growth in the recent past (Hosseini et al., 2021).
It is crucial for enterprises to pay attention to their websites and improve the online buying processes to survive the increasing rate of changes in the e-business environment. It may encompass expenditure on areas such as e-commerce systems, digital marketing initiatives and fully integrated omnichannel customer experience solutions (Amankwah-Amoah et al., 2021).
Moreover, the pandemic has changed the perspective on international market strategies: localization and customer-oriented approach (Wang et al., 2023). Employers are adjusting their products to better suit local market demands instead of adopting a global model.
It covers product adaptation, price adjustment, as well as service adaptation of a product to suit a certain culture or region (Rodrigues et al., 2021). An appreciation of how markets differ and a consequent ability to react to market stimuli provides a platform through which firms foster better ties with the consumer and consequently experiences sustainable growth in global markets (Krammer, 2022).
Conclusion
This paper has explored and analyzed the new trends in the context of the International Business due to COVID-19 outbreak that includes shifts towards digital transformation, remote workforce, supply chain management, localization, and changes in consumer behaviour and market characteristics.
The COVID-19 crisis has highlighted and in some cases amplified existing trends, and has acted as a trigger for disruptive change across many sectors, explaining why there is a need for research on post-COVID-19 business environments.
Companies are struggling with unprecedented conditions while turning challenges into opportunities to thrive in their new reality. The finding derived from these trends is useful for academic, business, and policy purposes.
Academics interested in progressing both theory and practical knowledge of international business need to comprehend the dynamic global environment. Researchers can use the impacts of the pandemic on business practices to form new theories and make improvements to existing models to suit the current and future conditions of the evolving global economy.
Thus, it is important for business practitioners to be informed about the tendencies of post-pandemic business environment to make practical decisions. Some of the key takeaway points include adaptability, flexibility, and creativity in dealing with the drastic events that are unpredictable. Businesses should focus on going digital, improving supply chain robustness, and adopting customer-driven solutions in order to prepare for the new economy.
Another participant in the formation of future changes in international business is policymakers. The findings developed based on post-COVID-19 business analysis can help the governments to create policies to stimulate the economy and support innovations to increase the competitiveness of the countries.
In this way, policymakers can ensure that policies reflect the contemporary business and consumer environment and foster growth, innovation, and coping mechanisms. Overall, it is evident that the COVID-19 pandemic has presented numerous uncertainties and disruptions in the international business landscape but has also catalyzed change.
Therefore, it is crucial to identify new trends and patterns that can help businesses and policymakers embark on the path of post-pandemic recovery and create a new world, which will be more sustainable and inclusive.
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