Globally valued function fields: existential closure

These notes form part of a joint research project on the logic of fields with many valuations, connected by a product formula. We define such structures and name them {\em globally valued fields} (GVFs). This text aims primarily at a proof that {\em the canonical GVF structure on $k(t{)}^{alg}$ is existentially closed}. This can be read as saying that a variety {\em with a distinguished curve class} is a good approximation for a formula in the language of GVFs, in the same way that a variety is close to a formula for the theory ACF of algebraically closed fields.