Thanks, Mr. Chair.
Thanks to our witnesses for sharing this with us this afternoon.
I agree that it's important we have this kind of discussion to emphasize the fact that Canada is the seventh-largest trading partner in the world with Korea. Our economy is heavily reliant on the service sector. Almost 70% of our GDP is based on the service sector.
To Mr. Woo, I come from the interior of British Columbia—I represent the riding of Kelowna--Lake Country—and two of my colleagues from the opposition are from British Columbia. Before you leave, perhaps you could share a bit about the importance of this free trade agreement, specifically for British Columbians. I know that Premier Campbell met with Prime Minister Harper and our caucus a few weeks ago. Of course he's very bullish on the Asian market with the Pacific gateway, with Minister Emerson announcing that...and over $490 million invested in that, to Pacific gateway. And I was in Prince Rupert in August for the port there.
But we have our challenges in the forest sector. With the high dollar, and the downturn in the U.S. economy, and the pine beetle, we have to find solutions to help our manufacturing and our value-added sectors. South Korea is important to British Columbia's economy. It's the fourth-largest export market.
I see some real opportunities for the housing sector. In my research, I've been reading that South Korea is heavily reliant on imported wood, about 90% is imported. In my previous life I was a businessman. I had some dealings with the Canadian–Korean business association, learning about the prefabricated housing market.
In the short time you have, could you maybe expand on the benefits for British Columbia, to its forest sector and manufacturing sector, that this specific free trade would have, and the implications of delaying, as we heard that some people want to procrastinate and I think time is of the essence.
Thank you.