The World Trade Organization rules are probably the broadest framework that we're operating under. Obviously, introducing new border measures is of interest to WTO members. The key thing is ensuring that the measure is being undertaken strictly for an environmental purpose. It's not strictly about protecting our industries or what have you. It's really about ensuring that our carbon goals are met for our country while also avoiding carbon leakage, where those carbon emissions just go to other countries, which is not a good environmental outcome. It's also making sure that the adjustment actually matches what the domestic producers are facing.
Basic trade agreements have non-discrimination clauses and national treatment clauses, which means you're placing the foreign exporter on a level playing field with how you're treating your own domestic companies. Ours face a carbon price, so the carbon price you seek to impose on others should reflect that level playing field.
The devil will very much be in the details; there are probably going to be disputes arising because of that and whether countries have actually hit the right mark in terms of that balance.