Ottawa – The Canadian Federation of Independent Business (CFIB) congratulates the federal government, and its trade partners, for an agreement to include a new chapter in the North American Free Trade Agreement (NAFTA) focused on small and medium-sized enterprises.
The new chapter, which recognizes the important role that small businesses play in the economy, will enhance SMEs ability to benefit from NAFTA through cooperative activities, information sharing and the establishment of a small business committee involving the private sector, non-government organizations and other stakeholders.
“We are very excited to see that a renegotiated NAFTA will have specific measures to help small and medium-sized businesses trade across borders,“ said Corinne Pohlmann, Senior Vice-President, National Affairs, at CFIB. “When it comes to importing or exporting goods and services, SMEs sometimes lack the resources of larger firms. An SME chapter is an important step in encouraging more small businesses in Canada to trade with our partners in North America.”
Small and medium-sized enterprises in Canada are key stakeholders in the tri-lateral pact which helps to facilitate approximately US$1 trillion in trade between Canada, the United States and Mexico. Data from Industry Canada shows that, of all the exporting firms in Canada, more than 90 per cent are considered small businesses.
CFIB is Canada’s largest association of small and medium-sized businesses with 109,000 members across every sector and region.