If any two jurisdictions could achieve such an agreement, it is Canada and the United States. We could set an example for other countries. In this regard, the 1988 free trade agreement between Canada and the United States offers a useful precedent. It served as a template for other regional agreements at a time when multilateral trade negotiations were making little headway.
On cross-border payments, we should come to terms on more efficient arrangements, including harmonizing standards, reducing processing times and establishing direct links between our respective systems. We could, for instance, explore opportunities to enhance the existing FedGlobal program for cross-border payments, which is currently limited to northbound transactions. 25 Conclusion Let me conclude with a few words of wisdom from a great American poet.