Mr. Speaker, actually, this agreement does the exact opposite.
I think this is one of the greatest trade agreements that Canada has entered into. As I said earlier, the EU is one of the largest importing countries. The 28 countries that comprise the EU are huge importers, including of Canadian goods. Therefore, we stand to benefit largely from this trade deal. It will increase bilateral trade by 20% annually. It will boost Canada's income by $12 billion annually.
The economic benefits of this agreement are equivalent to creating 80,000 new jobs and increasing the average Canadian household income by $1,000. This is going to be a great news story for Canada in the years to come.