Harper Government’s Improvements to Foreign Trade Zones Helping Canadian Businesses Compete Globally
The Honourable Kevin Sorenson, Minister of State (Finance), announced measures that will improve Canada’s marketing of its foreign trade zone (FTZ) programs to attract international investment and will reduce red tape and costs for Canadian businesses, allowing them to compete globally.
The announcement follows on commitments in Economic Action Plan 2013 to grow trade and investment in Canada by strengthening Canada’s FTZ advantage. Canada’s FTZ programming provides duty and tax exemptions so that businesses nationwide can reduce trading costs.
“Entrepreneurs are one of the engines of our economy and the measures announced today will help in the development of manufacturing, processing and warehouse hubs throughout Canada. They will make Canadian businesses even more competitive globally,” said Minister Sorenson.
Informed by stakeholder advice, Economic Action Plan 2013 delivers a package of measures to reduce red tape, cut costs, improve access to existing programs and promote Canada’s FTZ advantage, including:
- Eliminating the annual registration fee for the Customs Bonded Warehouse Program, Canada’s most-used FTZ program;
- Simplifying the application process to access Canada’s FTZ programs;
- Introducing service standards for application processing times;
- Accepting requests for new “FTZ Point” single windows to enhance delivery of FTZ programs at strategic locations in Canada; and
- Launching a five-year, $5-million program to market Canada’s FTZ advantage and attract foreign investment to strategic locations across Canada.
These measures will help Canadian entrepreneurs in the development of manufacturing, processing and distribution hubs in strategic locations throughout Canada. They will also enhance Canada’s globally competitive business environment, which provides a solid foundation to attract foreign investment in Canada, create jobs for Canadians and foster long-term economic growth.
“Many stakeholders across the country have been working with the federal government to strengthen Canada’s foreign trade zone program. The Government of Canada has shown significant vision and leadership in building the country’s trading gateways, and enhancing our FTZ program is the next logical step in ensuring Canada remains competitive internationally,” said Eric Waltz, President of Global Container Terminals Canada.
For more information on Canada’s foreign trade zone improvements, please visit the Government of Canada’s website.
Source: Department of Finance Canada, News Releases 2013