Our whole economy has oriented itself to trade with the U.S. and Mexico, with 70% of our exports going there. By not being part of the TPP, we suddenly erode that special preference that we've had with the U.S. and Mexico, and we enlarge the North American platform, if you will, to this larger TPP group.
One example would be that if you're a company and you're looking to build a new facility, say in North America, and you have a choice between Mexico and Canada, if Canada's not part of the TPP, you have all kinds of rules of origin implications. If you put that plant in Mexico, you can use inputs from all of the TPP partners, and those inputs can come in duty-free. If Canada's outside of the TPP and you put that factory here, you can only take inputs from Mexico and the U.S. duty-free—and our other trade agreements—but not the broader TPP network.
That right there, I think, would have a significant impact on Canada's economic outlook.