That's a complicated subject. The economic evidence, the statistical evidence, is not conclusive one way or the other. Going back to my origins, as I told you, working for Alan Rugman, who was one of the guys who worked long on these origins of foreign direct investment, I can tell you that when economists look at it, they say the greatest determinant of foreign direct investment is the size and growth of markets. That pretty much swamps any other effects that you try to look at, whether it's taxation or anything else.
At the margins, I do think it would hurt Canadian investments in other countries. It depends on their stage of development—more emerging markets. It tends to be something that companies need. As a practical matter what it means is this. If companies want to invest in a country, if they can't get a remedy through something like ISDS, they're going to look for some kind of insurance. Where are they going to look for that insurance? You can say, “Well, let them pay for it.” Well, we live in Canada. Let's be frank about it. They're coming to you, or some bank you will set up, and they're going to ask that bank that you set up, “Can we fund this...Canadian taxpayers to pay for it?” It's not some great, independent insurance market where they're going to get it.
ISDS allows you not to have to fund it through some really highly subsidized insurance scheme. Without the insurance and without ISDS they won't invest, it seems to me. You can have it either on the front side or the back side, but one way or another if we want our Canadian companies to go into those jurisdictions, we're going to end up having to have something like that to deal with it.