Government of Canada Designates Niagara Foreign Trade Zone Point
The government of Canada has announced the designation of the Niagara Foreign Trade Zone (FTZ) Point, serving the region’s 12 municipalities from east of Hamilton to the United States border.
The Point is meant to serve as a one-stop shop for businesses to access information on Canada’s FTZ policies and programs. This is the first FTZ Point established in Ontario.
“By creating this one-stop shop, the process of investing and trading in the Niagara region will be streamlined, making the process of doing business here that much easier,” said Brad Duguid, Minister Economic Development, Employment and Infrastructure. “This government’s priority is to grow the economy, create the conditions where good jobs are created and ultimately to make Ontario the easiest place to do business in Canada. This marks an important step in getting us to where we want to go.”
Designating a FTZ Point in Niagara aligns with the government of Canada’s priorities to help businesses integrate into foreign markets and global value chains.
“The expansion of trade opportunities across Canada is a key part of the Government of Canada’s plan for job creation and economic growth,” said Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario. “By designating this Foreign Trade Zone Point in Niagara, we are strengthening the region and all of southern Ontario as an international hub with world market accessibility.”
The Niagara FTZ Point will provide streamlined information on the Government of Canada’s tax and tariff export-related programs that can make it easier for businesses looking to expand and export.
FTZ programming includes the Duty Deferral Program, the Drawback Program, the Customs Bonded Warehouse Program, the Export Distribution Center Program, and the Exporters of Processing Services Program.
To establish the Niagara FTZ Point, the Niagara Region partnered with the Niagara Development Corridor Partnership Inc., Niagara’s business community, Brock University, Niagara College, and the region’s 12 municipalities. A task force of federal, provincial, and municipal representatives will meet regularly with regional industry exporters.
This designation supports the Niagara region’s plans to leverage its central position, high-quality infrastructure, favorable business environment and world-renowned location to further lead the region and Canada into international markets.
“The designation will competitively position the Niagara Region as a hub for international trade and will help attract foreign and domestic investment,” said Chris Bittle, a member of Parliament. “This means more opportunities for jobs, and innovation in Canada, as well as new markets domestically and abroad.”