I'd say the impact would be that for those Canadian companies currently exporting products into the Korean market, which are facing a tariff—I understand it's mostly the food products and forest products sectors—there's a chance they might be priced out of the market. I mean, most of the competitors are based in the U.S. That's where they do business, so their competitors can get a 4%, 5%, 6%, 7%, or 8% price advantage going to the market. There's a chance some of the Canadian exporters will be priced out of the markets.
I understand that Canadian exports of manufactured goods in Korea currently approximate $2 billion a year, and that's growing quite rapidly, so the impact is not that major, considering that Canada has over $400 billion of exports, but still it's a significant hit for their business to those companies that.... We have some members for whom it's the third or fourth export market. So you can't neglect the fact that for some companies it's important that Canada not be left out.
But I think, just to take a step back, priority should be given to the WTO negotiations. I know it's a very big priority for our members. I think we'd much rather do this on a multilateral basis, but given the fact that the negotiations are not moving as quickly as we wish they would—you have to understand that some countries are moving very aggressively in negotiating bilateral deals, and Korea is one of those—sometimes you have to take into account the fact that even though the United States is negotiating, the fact that we're doing this simultaneously and maybe just a bit later might not be such a big disadvantage. Time will tell, but it's a complicated issue, as you mentioned.