Exactly.
When I say far-reaching, it's not necessarily “encroaching”, if I were to use that term; you just have to look at the change in the nature of trade.
One of the reasons we have problems under NAFTA is that our agreement is out of date, and politically we can't reopen it and fix the problems. That's why we run into all these troubles.
When we negotiated NAFTA, as an example, with the EU we would have been primarily in export mode. We are at the point now where our stock of foreign investment has expanded. We're getting close to half a trillion now in bilateral stock of foreign investment between Canada and Europe. The sales of our companies in Europe, the sales of our foreign affiliates, are four times what we export over there. The nature of the game has changed. This agreement needs to be broader to reflect that and to address the issues that come with it.
So that's really what we're saying: negotiate an agreement that reflects the current business realities. A NAFTA-type agreement in this day and age wouldn't do that.