The Niagara region has become home to a one-stop shop for information on Canada’s Foreign Trade Zones (FTZ) policies and programs. In April 2016, the Government of Canada’s Federal Economic Development Agency for Southern Ontario (FedDev Ontario) announced the designation of the Niagara FTZ Point. This is Ontario’s first FTZ Point.
“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,” says The Honorable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for the Federal Economic Development Agency for Southern Ontario.
The Niagara FTZ Point will serve the region’s twelve municipalities from east of Hamilton to the United States border. It’s goals is to promote Niagara as a hub for international trade, help businesses integrate into foreign markets and global value chains, and provide streamlined information on the Government of Canada’s tax and tariff export-related programs, while attracting foreign and domestic investments.
“This means more opportunities for jobs, and innovation in Canada, as well as new markets domestically and abroad,” says Chris Bittle, Member of Parliament for St. Catharines. “This designation will competitively position the Niagara region as a hub for international trade and will help attract foreign and domestic investment.”
The Region partnered with the Niagara Development Corridor Partnership Inc., Niagara’s business community, Brock University, Niagara College, and local municipalities to establish the Niagara FTZ Point. A task force of federal, provincial, and municipal representatives will meet regularly with regional industry exporters.
“The Niagara FTZ Point is an integral part of a greater strategy for economic prosperity in this region, intended to grow employment, boost the local economy and increase opportunities for export,” adds Vance Badawey, Member of Parliament for Niagara Centre.
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.