Certainly, we are working closely now with U.K. officials to start to talk about how we can come up with a trading relationship that would govern our bilateral trade going forward. We already have the CETA in place, and it will remain in place until such time as the U.K. leaves the European Union. We're trying to position ourselves to make sure that we have an agreement, an understanding, in place that will deal with that possible event.
Our challenge in moving forward to complete this is that we don't know some of the parameters of what the U.K. is intending to do. We don't know whether they will have an agreement with the EU, although the signs are not positive at the moment. That's one issue I think will have a bearing on what we can do. We know they're negotiating with various other partners, most prominently the U.S. We don't know what will happen on that front. In particular, we don't know how the U.K. will react if they do not have these agreements in place after the transition period expires. If they are to return to the kind of approach to tariffs that would be applied against the rest of the world, as they did last March, I think, then there would be little advantage to our having an agreement with the U.K. if access is going to be largely open.
We're having to monitor various uncertainties here, but we're keeping a very close dialogue with the U.K. We want to replicate the agreement that we have with the EU broadly, the CETA, as much as possible, but we would also like to have something more tailored to the Canada-U.K. relationship. That's the direction we're trying to work right now.