Canadian small businesses are poised for growth, but new trade and customs rules are putting that at risk

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A simplified and easy-to-navigate customs regime that greenlights legitimate goods across North America’s border is fundamental for SMEs to stay competitive, and to secure the nearly $1.2 trillion in annual trade that happens between Canada-U.S. alone.

Canadian small businesses are poised for growth, but new trade and customs rules are putting that at risk

The Ambassador Bridge to the U.S. in Windsor, Ont., pictured in March 2020. In a time of high interest rates, slow economic growth, and market uncertainties, every business opportunity counts. This is especially true for small and medium-sized enterprises that are looking to expand beyond our Canadian borders to reach new customers and global markets.

SMEs make up 98 per cent of Canada’s economy and employ 7.8 million people. In 2022, they contributed about 50 per cent of the nation’s GDP in the goods-producing sector and about 41 per cent of the total value of exported goods. How well SMEs continue to punch above their weight in a sluggish economy is a barometer we should be closely watching.

 

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