Thank you.
We really don't have any experience with the Regulatory Cooperation Council, and that's largely because we participate in the World Wine Trade Group, of which the United States is a member. Together with a number of countries, we've had agreements done, acceptance of winemaking practices, and things of that nature. Given that wine is really a low-risk food product, these regulatory issues have been developed, which has taken care of many of the concerns that other sectors may face. Over the past 20 years, we've attempted to eliminate those.
It's not that we are a large exporter of wine around the world, but roughly 66% of the value of our wines goes to the United States, which represents about 97% of all the volume we export. We've been able to successfully deal with those issues through the World Wine Trade Group developing these types of agreements, the genesis of which was incorporated into an annex in the trans-Pacific partnership agreement. I believe it creates a really good working example for other agreements, including possibly the renegotiation of NAFTA, to get down there in text these types of regulatory harmonization efforts that would support the free trade of wine in the United States and other parts of the world.