Okay, I'll wrap up in one minute.
It's also worth mentioning that a significant share of Canadian production, about 30%, has no comparable competition from Korea. Then there's the fact that the vast majority of Canadian production, about 84%, is exported to the United States, which would obviously not be directly affected by an FTA with Korea.
Another factor not taken into account by other studies, but that would mitigate the impact of an FTA with Korea, concerns recent investment decisions by the Korean makers. Hyundai has opened a major new plant in Alabama, and both it and its subsidiary, Kia, have announced plans for further assembly plants in the NAFTA area, from which Korean cars could be exported to Canada duty free under the NAFTA.
For all these reasons, the government's assessment is that the incremental impact on Canadian production from tariff elimination in a Korean FTA would be minimal.
On that note, Mr. Chair, I'll conclude and accept questions. Merci beaucoup.