MONTREAL – Montreal has received a Foreign Trade Zone Designation. This Foreign Trade Zone Point designation is the thirteenth granted by the Economic Development Agency of Canada.
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).
The logistics and freight transport sector accounts for more than 120,000 direct and indirect jobs and 6,000 businesses in Greater Montreal. A major economic pillar, it contributes to the metropolitan region’s prosperity, generating over $4.3 billion in economic benefits.
“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 Mathieu Charbonneau, executive director, CargoM.
“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.”
Created in 2012, CargoM brings together the players in Greater Montreal’s logistics and freight transport industry, educational institutions, research centres, sector associations and unions around shared objectives in order to increase cohesiveness, competitiveness, growth and reach.