Just broadly speaking on Canada's trade balance with the world, I think the chief economist's office at DFAIT would argue that this is really driven, more than anything, by the state of commodity markets, exchange-rate fluctuations, productivity differences, etc. For example, since 2008, the bilateral FTAs we've brought into force with Peru and Colombia are really not the reason we have gone from being in a surplus to a deficit position. Traditionally, Canada has run very large trade surpluses with the United States and trade deficits with everyone else, and then it all roughly balances out in the end.
We talked about this a little bit last fall with the example of Panama, with which we have a growing trade deficit. The reason it's growing, just to give you one example, is that Canada is now importing significant quantities of gold from Panama for further processing in Canada and then for re-export abroad. This is a good news story for the Canadian economy, in that it's creating wealth and prosperity in Canada because we are doing the work of processing the gold, but our bilateral trade balance with Panama looks, from another perspective, poor as a result because we're importing all of this product.
But this is just in the nature or way that global value chains work now—