I believe this is the reason. For all of the other multinationals that are operating in countries in Latin America and east Asia, these multinationals are coming from jurisdictions in Europe and the United States. These other multinationals have access to fundamentally the same types of financing structures. It means if Canadian companies do not go through a financing structure such as that, which is available through Barbados, they would be disadvantaged in the Latin America economies.
You have an American multinational, a European multinational, and Asian multinationals that are using these same types of financing structures. If Canadians were not allowed to use the financing structures, they would be disadvantaged relative to these other global multinationals.
Secondly, I think what's very important is there are many reasons to believe Canadian companies need this reduction in the cost of capital to go global. The infrastructure available to Canadian companies is not nearly as well developed as is the case for American or European multinationals.
I can give one particular example that has to do with the number of lawyers deployed globally. When a Canadian multinational moves into Latin America, they need to get access to legal counsel for compliance with Canadian law, and so on. It's very expensive for Canadian companies to do it because there are not nearly as many Canadian lawyers deployed globally relative to American multinationals. For the American multinational operating in Brazil, the cost to get legal counsel to make sure compliance is in order is far less costly than for Canadians.
There are many reasons to believe Canadians really need the reduction in the cost of capital to be able to compete with American and European multinationals.