Thank you for your question.
It's very difficult to predict whether there will be balance. I don't know that it's important that there be balance, considering they probably have 14 times our population.
I think economic studies show that European exports would increase by about $18 billion and Canadian exports by about $10 billion to $12 billion. Considering we have a little over 30 million people and they have over 500 million, I'd say we're doing pretty well on that score.
The thing about trade negotiations is that you never know. In the negotiation for the FTA with the United States, it was widely predicted that our wine industry would collapse; well, it's actually grown. We don't know for certain, but we do anticipate significant growth.
We will see growth, obviously, in the agricultural sector. We will also see export growth in the manufacturing sector, including the automotive sector. In fact, Ford has as much as told us that there's a vehicle they produce in southern Ontario that they want to export globally, including to Europe. There'll be growth in auto parts as well. There'll be an export market for forest products. Minerals will grow as an export market. There'll be growth in services, energy, seafood, and anything that has a tariff applied to it of more than, say, 5%--and even at 5%, it will probably grow.
There also will be a significant growth in investment. I foresee Canada increasing its status as a financial services hub. It will make it easier to raise capital for major infrastructure projects in Canada. It will create more liquidity. There will be a desire within Europe to put money into Canada, because Canada is seen as an outperformer. This agreement will help to facilitate putting that money to use and getting a better return in Canada than could probably be expected in the European Union.
We will see a growth in exchange. Not only will there be more movement of skilled people, but I suspect that also, ultimately, there will be more educational and cultural exchanges. I see the cooperation spilling outside economics and into politics and culture.
I see this already in Toronto. When I first moved to Toronto from Brussels five years ago, there was very little on Canada and the EU. I see regular activities all the time now. Even just watching the World Cup preparations, I'm literally bombarded by European groups organizing things, and I've noticed a marked increase in the net immigration into Canada of skilled Europeans.