Thanks for the question.
From a general principles standpoint, the mining industry is highly international; it's a global industry. The Canadian mining industry, as a result, is highly internationalized, so if Canada does not move in step with other jurisdictions with respect to liberalized trade, the risk is that our competitiveness can erode across a number of areas.
That may factor in with respect to price tariffs on the import and export of goods. It may result in other regulatory and non-regulatory barriers to trade that can affect the competitiveness of the industry.
The other way to look at this, to flip the question on its head, is to think about the other member states that are party to the TPP. Canada's single largest global competitor from a mining standpoint is Australia. Given Australia's engagement and commitment to the TPP, if Canada does not follow through, not only would we potentially not be able to take advantage of competitiveness factors that the agreement would bring, but reciprocally there might be an erosion in competitiveness, since our principal jurisdiction of competitiveness excels in those respects.
From a two-fold standpoint, that's how we look at what's at stake, whether this agreement gets ratified or not.