April 20, 2016
The Federal Government announced the creation of the Niagara Foreign Trade Zone (FTZ) Point, which will be serving the region's 12 municipalities from east of Hamilton to the United States border.
An FTZ Point is a strategic location identified for international trade and foreign direct investment which is uniquely supported by a single-point of access to information on relevant government policies and programs.
FTZ supported activities include, for example, the Duty Deferral Program, the Drawback Program, the Customs Bonded Warehouse Program, the Export Distribution Centre Program and the Exporters of Processing Services Program.
To establish the Niagara FTZ Point, the first one to be established in Ontario, Niagara Region partnered with the Niagara Development Corridor Partnership Inc. (NDCPI), Niagara's business community, Brock University, Niagara College, and its 12 local municipalities. A task force of federal, provincial and municipal representatives will meet regularly with regional industry exporters.
The FTZ Point will promote Niagara as a hub for international trade and will attract foreign and domestic investment.