International Trade committee  I think a lot of different factors go into investment decisions. We would like to see an increase in trade and investment, and in both directions. We would like to welcome more Korean investment in Canada and we would like to—

International Trade committee  No, but what we do is we create the conditions to maximize the opportunities. I think the investment protections that are built into this agreement will make it more desirable to invest in both directions, particularly for Canadian companies which may be a bit wary about entering

International Trade committee  If you're talking about Korea, it's negotiating with a number of other countries right now. The agreement with Australia is done and will come into force soon. They're also negotiating with China. They're negotiating with New Zealand. The New Zealand deal is close, we're told.

International Trade committee  Absolutely, and that is one reason we think the tariff outcomes in this agreement are particularly advantageous for Canada. The average MFN, most favoured nation, rates in Korea are 13.3%, and in Canada they're 4.3%. Across the board Korean tariffs are three times higher. If you

International Trade committee  Absolutely. We've had very strong support from all the regions. I would say that the provinces and territories have all been supportive. Of course, Ontario has expressed some concerns about some of the automotive elements, but with that limited exception, we've had unanimous supp

International Trade committee  Absolutely. I think this deal and deals like it are vital to ensuring that cars made in Canada have the same competitive access to markets around the world. Otherwise we put ourselves at a disadvantage when we are trying to attract that investment. That's one of the key factors w

International Trade committee  Indeed. The Korean minimum wage is currently 41,680 won, which at our current exchange rate works out to $5.54 an hour or roughly half of, I think, prevailing minimum wages in the Canadian context. But in the auto sector, the averages are closer to what they are in Canada. In fac

International Trade committee  The modelling projection from the chief economist does not include a projection on jobs. I think the model assumes full employment, and that's how it generates its figures. The practice that it has occasionally used is that you take the GDP figure and then take that as a percen

International Trade committee  I don't believe so. I think this agreement, like all of our agreements, completely protects the abilities of government to regulate in the public interest. I don't anticipate there would be any liability or exposure on that front.

International Trade committee  Half on implementation and the other half after five years, to match the phase-out on the other side.

International Trade committee  No. Our tariff will be phased out in three years.

International Trade committee  Immediately.

International Trade committee  I can tell you that the government at all levels tries to encourage investment from Korea, including in the automotive sector. I know that's a pitch our minister has made to his counterparts. It's a point that I've made when I've been dealing with the Koreans, that it would be ve

International Trade committee  As I indicated, Canadian exporters are suffering now from the competitive impact of Korea's deals with the United States and Europe. There's also a very real probability that Korea's new deal with Australia will come into force on January 1 or thereabouts, so it's really about th

International Trade committee  Yes.