NEWS RELEASES
CANADIAN COMMERCIAL CORPORATION LEGISLATION COMES INTO FORCE
April 19, 2002 (11:50 a.m. EDT) No. 35
CANADIAN COMMERCIAL CORPORATION LEGISLATION
COMES INTO FORCE
International Trade Minister Pierre Pettigrew announced today that the new amendments to the Canadian
Commercial Corporation (CCC) Act, which he tabled on November 7, 2001, have now come into force.
"We have strengthened the CCC's financial foundation and its corporate governance,"
said Minister Pettigrew.
The amended CCC Act allows the Corporation to borrow funds in commercial markets as well as to charge a
fee for service on its valued-added business lines. Furthermore, the positions of President of the Corporation
and Chair of the Board of Directors will be separated, in keeping with the government's guidelines for the
management of Crown corporations.
"The Corporation's increased commercial orientation will ensure that it can continue to provide the high quality
expertise and advice that Canadian exporters, particularly small and medium-sized enterprises, have come to
depend on in government procurement markets worldwide, estimated to be worth US$5.3 trillion annually," the
Minister added.
The CCC provides a unique service to facilitate contracts for Canadian exporters. This service means enhanced
credibility for Canadian exporters and increased confidence for foreign buyers, and thus helps Canadian
companies win contracts on solid terms in difficult markets.
The CCC is a valued member of Team Canada. Over the years, the CCC has facilitated over $30 billion in
contracts in more than 100 countries on behalf of Canadian companies, particularly small and medium-sized
enterprises.
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For further information, media representatives may contact:
Sébastien Théberge
Office of the Minister for International Trade
(613) 992-7332
Media Relations Office
Department of Foreign Affairs and International Trade
(613) 995-1874
http://www.dfait-maeci.gc.ca
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