November 10, 2020, by Don Mitchell
Hamilton will now be one of Canada’s 14 FTZs and Ontario’s third port of entry for commercial merchandise, both domestic and foreign, reducing duties, tariffs and taxes on foreign imports and exports.
Canada’s minister of economic development says Hamilton’s new designation as an official Foreign Trade Zone (FTZ) point will create “a one-stop-shop” for local businesses who want to export abroad.
Mélanie Joly announced the city’s new status during a virtual conference on Tuesday in addition to a federal government investment of $3.9 million in local packaging manufacturer Whitebird.
Forty-five new jobs are expected to come out of this investment.
What does this mean?
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