I don't think it's a huge advantage. We'll see whether the U.S. administration is able to get the authority that it currently lacks from Congress to actually participate in a meaningful way in both the discussions with the Europeans and the TPP. I think it would be unfortunate if they couldn't. There is a risk, and I don't think this is going to happen, but if Canada was to sit on the sidelines both in terms of Asia-Pacific and with Europe, and the Americans went ahead and finalized major comprehensive trade agreements with these two huge blocs, that obviously would be a big disadvantage from a competitive point of view for Canada. We're already a bit concerned out here that the Americans have a free trade agreement with South Korea, which has been implemented. For Canada, even though we started the discussions with South Korea prior to the Americans, our process is stretched out a bit. Korea is an important market for Canada, particularly for western Canada.
There is a competition here among countries to get access to markets. We don't want to be left out of that. I think there's a small advantage if we get the agreement with Europe ahead of the United States. I rather suspect the Americans will eventually conclude—if not under this president maybe the next one—an agreement with the Europeans because there's a huge strategic interdependence between those markets. I think in the big picture they will come together.