Directly, in terms of the venture capital and how the agreement will affect it, it's hard to say, but more broadly, the answer is yes. Venture capital is going to chase places where it can get good return. It's going to go to places where the investment climate is stable and predictable, and when, if your rights are compromised, you have some sort of retribution, some sort of path that you can pursue.
It's also going to the opportunities. We talk about this all the time in agreements, whether with the European Union or any other jurisdiction: you look to go to places where you feel you can pursue commercial opportunities, innovate, and get a good rate of return. That can be in infrastructure, it can be in resources, it can be in manufacturing, it can be in services, but you don't do it by having fragmented markets or by having barriers between countries. It doesn't really work out in practice; it might sound good in principle, but in practice the record shows that it doesn't work.
Further to that, we also see this agreement as moving along the process of removing the interprovincial trade barriers that exist in Canada, which are not only a barrier for foreign investors and traders into Canada but also for our own companies, which have difficulty, contrary to what some have said. They have difficulty with regard to getting their professional qualifications recognized, bidding on contracts, and providing their services. This is completely unnecessary and doesn't make a lot of sense. We're the only OECD country that doesn't have a single securities regulator. I don't think we are the ones who have got it right while everyone else is out of step. The evidence is overwhelmingly against us.
In these instances I think that we do need to move forward and reform in order to maximize our potential.