Thank you very much, Chair.
I'd like to thank you for your presentation. As you are aware, we're here today to discuss trade policy, specifically on emerging markets, and that's the intention of the meetings we're conducting here in the committee: to look at opportunity that exists outside the traditional markets we trade with—the United States and Japan and so forth. So we appreciate the insight you bring on the Russian economy.
We received briefing notes, and we understand that Russia is the ninth-largest economy in the world. One of the impressive components of Russia, in terms of its being an emerging market, is that it has strong growth projections, above 6% and close to 7%, on a going-forward basis. It's achieved that in the past as well.
Unfortunately, the trade between Canada and Russia is not there. We haven't reached the potential we'd like to.
In your remarks, Mr. Cumberlege, you referred to your disapproval of the closure of the consulate. I'd like to touch upon that a bit, because it's a very important concern that I've raised in the past in committee and now continue to raise. It doesn't make sense, when we talk about improving our role internationally—improving our trade relations internationally, diversifying our trade, making sure we have people on the ground, making sure we're in a position to attract additional business and investment—that we'd be making cuts to consulates and reducing our presence.
You indicate in your remarks that St. Petersburg is becoming a major business hub. You give an example of a major oil company that's moving its headquarters there. Can you comment a bit more on that in terms of the impact you see, or the lost opportunity that exists from the closure of that consulate?