Thanks so much. Bill C-49 proposes a new approach to metal-neutral joint ventures, or joint ventures in the air sector. Right now they are assessed solely on the basis of competition and competition law, wherein the primary considerations are duration of competition and economic understanding.
What C-49 does is broaden that examination to include a whole and robust competition assessment by the bureau. It also includes public interest benefits, which may include things like connectedness, safety, or the traveller experience. Insofar as a joint venture raises concerns, I think those would be that the public interest benefits assessed by Transport Canada in that review process are insufficient to overcome what would be the significant lessening of competition in the sector. What C-49 does is to attempt to balance potential negatives in any proposed transaction with potential public surplus benefits that Canadians might experience. It is necessary for one to overwhelm the other in order to go forward. It's a voluntary system by which the proponent has to have a reasonable assumption of likelihood of passage to be able to pursue the voluntary process to get the minister's authority.