I take it you're talking now about the broader European potential here. I think any country or group of countries going into a trade negotiation is looking to come up with a deal that is to their advantage. The whole point of doing trade agreements is that we all gain somewhere. Inevitably there are things we have to put on the table, and you have to give things to get things. You're aiming for something that on balance is going to be good for your side. The nice thing about trade is that more open trade flows tend to be better for both sides. We're waiting to hear what officials have been able to hammer out between them in terms of the scope of the negotiations, and I'm hoping to hear on that front soon. What's on the table at the moment in the initial discussions is a very broad range of topics that goes well beyond the notion of a trade agreement. It's about how we work together more effectively, and it includes things like regulatory convergence, a topic that has come up a lot in terms of the financial crisis.
But more to the point, one of the things you have to keep in mind is what might be in this for the European Union. Why should a 27-country bloc like that be that interested in negotiating with Canada on a bilateral basis? One reason is that Europe has been so much within itself, in terms of its commercial flows. Similarly, since we did our deal with the United States and then with Mexico, North America has become a highly integrated bloc. The Canada-EU discussions offer an opportunity to bridge the Atlantic in a way that hasn't been done before. We may be able to work out on a bilateral basis the kinds of things that may set precedents in Europe's ability to negotiate with the United States and perhaps open up that broader transatlantic flow.
So we have an opportunity to be pioneers here, and doing so could be very much in Canada's interests as well as in Europe's interests. I think that's an area of potential we should keep in mind. The Canada-EFTA agreement is a precursor and sends a signal that we have the potential, as Canada, to negotiate with the broader European Union. However, those Canada-EU discussions have broader implications in terms of what can be done between North America and Europe and perhaps on the global stage as well.