I think the Canada–EU free trade negotiations are really the best, and probably the only example we've seen of what I would consider to be a next-generation or 21st century trade deal in that they're incredibly broad. They cover every topic you could imagine—-labour mobility, investment, services, trade, and goods.
Trade deals used to focus traditionally on trade and goods. In that regard, they focused on market access; tariffs, quotas—very traditional things. But today, trade is about a lot more than just goods. It is about services, it is about investment, it is about labour mobility, and it goes far beyond tariffs to include non-tariff barriers—things that Richard has raised, such as low-level presence standards around the world for genetically modified material. How do we deal with ensuring that inspection standards are consistent from country to country? Non-tariff barriers, phytosanitary issues, have to be dealt with in these trade deals.
What we also have to do in these trade deals is find new and creative ways for dealing with emerging issues. In the past, what stopped us from trading was tariffs. Now what's stopping us from trading is non-tariff barriers—they've become new and more creative, and it's a different one every time. So we have to create mechanisms in our trade deals that anticipate new things that might come down the road in the future, that can deal with those and that also have really strong enforcement mechanisms attached to them.
Deals that are really broad and really deep are the next generation of trade deal we have to look at. Canada–EU is an excellent example. Even compared to NAFTA, it won't eclipse NAFTA economically, but in the range of topics covered, it's going to be a much broader deal than was ever anticipated in the North American Free Trade Agreement. In that sense, it's going to become the template for all trade deals that we negotiate.
Interestingly, it is also the most modern trade deal the Europeans have ever negotiated. It will become a benchmark for deals that both of our countries or regions negotiate going forward, but we have to finish it.