Thank you, Paul.
Under the terms of the agreement, there are a number of opportunities for new entrants to ship to the U.S. The historical exports determined the regional shares, as outlined in the agreement. Then provinces were allowed to select under two options: option A which, was a straight tax and a no-volume restraint; or option B, which is a lower export tax and a quota-volume restraint.
B.C. coast, B.C. interior, and Alberta selected option A, which meant that any company in those regions or any company outside of those regions shipping that lumber is allowed to ship the lumber and pay the tax. That would allow new entrants to come into the program.
For our option B companies, we are in a transition period up until January 1, and the option A rules still apply for option B regions: for Saskatchewan, Manitoba, Ontario, and Quebec. We are in consultations with the provinces right now on quota allocation methodologies. We haven't made any recommendations to the minister at this point; we're still in consultations.
There's one other opportunity for new entrants—for anyone in Canada—to ship to the U.S., and that is when prices are high. The agreement allows, when prices exceed $355, for total free trade between Canada and the U.S. of softwood lumber, with no volume restraints and no taxes paid.