Canada has run a sizeable trade deficit with Europe really for the last 13 years. It averages $19 billion a year. It's our second largest trade deficit in the world next to China. In addition to that, there's a qualitative aspect to the deficit.
I've looked at the top exports that we send to Europe, and vice versa. When I compare the top 10 exports to the EU, what Canada is sending to them is quite an overwhelming amount of barely processed or raw goods. Out of our top ten, we send them gold, diamonds, iron ore, uranium, petroleum products, wheat, coal, and solid fuels. The eight of the top ten that the EU sends to us are medications, motor vehicles, turbo jets and turbines, aerospace parts, wines, biological preparations, machinery parts, and medical instruments. It seems to me that we have not only a trade deficit, but there's a qualitative problem in terms of sending value-added products back and forth.
Is there anything in CETA that you view will address both the deficit and maybe the types of goods we're producing?