Our government passed the Ways and Means motion, a critical step in the ratification of the new NAFTA. Businesses and industries across Canada rely on free trade agreements like the new NAFTA to grow their customer base, ensuring that their products and services are available at competitive pricing in all three countries. By reaching more consumers and building more profits, Canadian businesses are then able to create jobs, build stronger communities, and grow our economy.
Small and medium sized enterprises (SMEs) also benefit from the new NAFTA. It includes a new chapter designed to increase trade and investment opportunities specifically for SMEs, giving them more potential to grow. The chapter also encourages all three countries to collaborate on activities to support commercial opportunities for SMEs owned by under-represented groups, including women and Indigenous peoples.
In Nova Scotia, home to approximately 30,000 small businesses, companies like Mackenzie Atlantic Tool & Die, which is a key part of the supply chain for our National Shipbuilding Strategy and a major exporter to US-based businesses, will benefit from the new NAFTA. Stable access to the US markets will grow their business, add new jobs, and protect existing ones in Musquodoboit Harbour.
We are very excited to see that a renegotiated NAFTA will have specific measures to help small and medium-sized businesses trade across borders. 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.Corinne Pohlmann, Senior VP at the Canadian Federation of Independent Business