Well, let me see if I can answer a little bit of that.
On issues of different regulatory regimes, we had the same issue about Mexico. It's important to look at not where countries have been but where they are and where they're going. The work these countries are doing in terms of international best practice in regulation is truly outstanding. The work that the Inter-American Development Bank is doing, the best experts in the world, the capacity in these countries.... The college graduates, the educated elite of these countries, the people who run government have qualifications that would have them succeed in New York or London, not to mention Canada. You have to look at where the countries are going, and the example of Mexico is instructive in that regard.
Just on Thursday and Friday, the high-level group of the alliance was meeting in Mexico City. The superintendencias, the superintendents of banks, finance and securities of the countries were meeting to set new standards. This will be better than platinum in terms of the ability to create new financial regulations and rules. Why the heck wasn't Scotiabank there? I'm sure that's a question Scotiabank is going to be asking when they start calling Ottawa. It's important to keep that in mind too.
In terms of trade, movement of people, they're doing the same thing. But this issue about FTAs versus integration groups is huge. It's not just about Asia. It's about creating a market, another kick at the NAFTA can, just as we benefited from NAFTA, not because of the free trade agreement, but because of everything that went beyond that. We've benefited immensely in this country, not from the rules in NAFTA but from regulatory convergence: NEXUS, all the agenda that we've had.... This is another kick at that can.
You've heard statistics from Foreign Affairs and from the ambassadors about how these economies are growing. They're now majority middle class, and that trend will continue. They're going to become richer and they're going to become more dynamic economies. It behooves us to get in now rather than try to fight our way in against Australia, Spain, Japan, other countries that are also looking at these markets.
We have a tremendous advantage. We can leave some of the dysfunction of NAFTA behind in that we're never going to leave North America. We'll never diminish our trading with North America, but North America has reached its limits, because the Americans are no longer interested in doing what's necessary to be successful and to be competitive globally. These guys are. It's the work that they've done. It's not just 90% of tariffs that they've eliminated in a year and half; it's the agenda beyond this. There has been tremendous political heat in these countries from agricultural groups and from others for what they've done, yet they've committed the political will. On the plans that the IDB, the Inter-American Development Bank, and this group have laid out, we just haven't seen this globally in terms of an agenda. This is the type of agenda we want to be part of. We've been frustrated in North America, as have the Mexicans, by the lack of movement and progress. This gives us a chance. Yes, Asia is down the pike, but even without Asia there are things in the near term by working with these groups.