Madam Chair, in 2016, bilateral trade between Canada and the United States totalled $672 billion in merchandise. Imports and exports of services totalled $125 billion in 2015. Last year, the United States' direct investment in Canada was $392 billion. These are huge numbers. The stock of Canadian investment in the United States last year was $474 billion. The bottom line is that Canadian companies invested more Canadian wealth in the United States than the United States invested in Canada. Therefore, not only are we its biggest client, we are also its biggest investor. That is a lot of money, and that of course is the way it is.
However, our relationship with the U.S. is more than just numbers. Can the minister elaborate on the advantages of a North American free trade agreement with the United States?