Thank you, Chair.
Governor Carney, it's great to have you here today.
Governor Carney, before I get started, I just want to compliment you on how you go about doing your role. The way you go about doing your job actually instills confidence in Canadians and in Canadian businesses. I think the way you and the finance minister have conducted yourselves over this last series of troubling years has been very reassuring. I think Canadian consumers and Canadian businesses thank you for the work you've done there.
One thing I would like to talk to you about is trade. You made a speech in Kitchener last week and you talked about the emerging markets and how important they are to Canadians. Of course this government has been out and about very actively pursuing trade agreements. Whether it's Minister Fast or Minister Ritz or Minister Ablonczy, or even the Prime Minister, it seems like every break week we have in Ottawa they're out and about around the globe, trying to open up new markets for Canadian businesses. Can you explain to this committee just how important these emerging markets are?
I'll just quote what you said in Kitchener, because it kind of sums it up, I think, pretty good:
Emerging markets represent the greater opportunity for Canadian exporters. Since the recession, these economies have accounted for roughly two-thirds of global economic growth and one-half of the growth in global imports....This is where Canadian businesses must increasingly look for export growth.
How important is getting into these new markets and these emerging markets, and what would be the consequences if we did not get into these markets?