I think a lot of people have that same question, because you're absolutely right that we do have free trade agreements already with each one of the four members. What we don't have is a relationship, one that deals with some of the issues that will be covered in this new arrangement, as things move and change so rapidly, and there are digital economy issues and labour mobility issues. Those are things that aren't necessarily covered in those agreements already that can and should be.
So there's a broadening of the opportunity, but there's also the value in having an agreement with the Pacific Alliance as a bloc. The Pacific Alliance created itself to become a bloc. The irony is that North America really ought to be more of a trading bloc in terms of the rest of the world, and obviously that's a challenge, but to have an effective trading bloc, you need to have internal regulations, and internal harmonization, for example.
Frankly, even under NAFTA, North America was unable to do that as well as we might perhaps have done, and we can always hope, but that is something the Pacific Alliance has done. So not only do we have the agreements with each one but also we have the opportunity to take advantage of the harmonization that they have been building among themselves. Add to that the fact that they have increased relationships with many of the Asian countries. Through APEC, through the fact that, as I mentioned earlier, both Peru and Chile have agreements themselves with China, there is an opportunity for Canada to use that conduit, if you will, to enhance our trading and other relationships with other countries.
I'd just add that if the other members that were invited to become associate members—Australia, New Zealand, and Singapore— joined, that would add to our engagement with those countries as well, which is an added benefit.