Montreal, QC — CargoM, together with its partners announced the Foreign Trade Zone Designation for the territory of the metropolitan community of Montreal. This Foreign Trade Zone Point designation is the thirteenth granted by the Economic Development Agency of Canada.
“Investments in a resource dedicated to the Foreign Trade Zone Point channel the dynamism and keen interest in our constantly growing sector of activity,” said CargoM executive director Mathieu Charbonneau. “With the Foreign Trade Zone designation, Montreal has just acquired another tool to boost its attractiveness as an international trade hub and gateway to North America, for the great benefit of our importers and exporters as well as the entire logistics and transportation sector.”
“Designating the region a Foreign Trade Zone Point will streamline access to government programs and services,” added Federal Transport Minister Marc Garneau. “In addition to fostering economic growth, this will help local businesses optimize their exports abroad and in turn, generate more jobs at home.”
According to the statement from CargoM, a Foreign Trade Zone Point is generally a well-defined location in a given country where the purchase or import of raw materials, inputs or finished goods is officially eligible for exemption from customs duties and taxes. Such materials and goods may generally be stored, processed or assembled in the FTZ for re-export (in which case they are generally not subject to taxes and customs duties) or for sale on the domestic market (in which case taxes and duties are deferred until they enter the market).
Logos of the new Foreign Trade Zone Center. (CNW Group/Metropolitan Cluster of logistics and transportation in Montreal)