PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Keating in Fox News: Preserving NAFTA is Crucial to the Continued Success of America’s Small Businesses

By at 7 May, 2018, 10:45 am

In a March 7 Fox News op-ed, SBE Council chief economist Raymond Keating reviews the big benefits of NAFTA for entrepreneurs and small businesses and urges negotiators to maintain the agreement – including key provisions – that have boosted commerce across borders and certainty for business. As he notes in the piece:

“The investor-state dispute settlement (ISDS) protections in NAFTA exist to provide independent, neutral arbitration for trade disputes between countries. They ensure that foreign investment disputes don’t turn into state-to-state conflicts, and keep businesses protected from unfair treatment by foreign legal courts or jurisdictions.

The Trump administration should keep in mind that ISDS provisions align perfectly with the goal of protecting American interests on the international stage. As noted by Claudio M. Loser, president of the Centennial Group Latin America and former IMF Western Hemisphere director from 1994 to 2002, since the early 2000’s, the U.S. government has faced 18 ISDS cases filed by foreign investors, and won every single one. It’s clear that this provision of NAFTA will go a long way towards the continued success of small businesses, who with limited resources need such dispute resolution measures.

Without ISDS, American small businesses could see their legal rights and contracts jeopardized in foreign countries.  They could be subjected to biased foreign courts that do not value the same private property protections that we do in the U.S.  ISDS provides real protection against potential foreign mistreatment.”

Read the Op-ed in its entirety here.

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