WHAT IS A FOREIGN TRADE ZONE (FTZ) POINT?

A Foreign Trade Zone Point (FTZ Point) refers to a strategic location within Canada for international trade.
An FTZ Task Force, comprised of representatives from Municipal and Provincial Governments and several Federal departments, will serve as a behind-the-scenes facilitator for ESJ – with the goal of improving access to existing programs, and promoting Canada’s foreign trade zone advantage.


WHAT IS THE FUNCTION OF AN FTZ POINT?

The Government of Canada has developed several assistance programs to reduce the burden of tariffs, excise duties and taxes in the import and export of goods in the manufacturing sector. They are:

“Enterprise Saint John is pleased to be the facilitation agency for our region’s FTZ point. It complements our economic development and investment attraction responsibilities in a very persuasive way –allowing us to extend our reach in the global business community.”  – Ron Gaudet, CEO, Enterprise Saint John


THE PURPOSE OF THE FTZ POINT IS TO:

  • Simplify the application process to access Canada’s FTZ programs
  • Eliminate certain fees
  • Introduce service standards for application processing times
  • Enhance delivery of FTZ-type programs by having a “single window” for access

WHAT ARE THE BENEFITS OF AN FTZ POINT?

Businesses can benefit from using an FTZ point in the following ways:

  • Reduced paper burden
  • Improved cash flow
  • Reduced operating expenses
  • Increased international competitiveness
  • Productivity-enhancing advanced machinery and equipment purchases made more affordable
  • Simplified tariff structure
  • No need to apply for duties relief and drawback (refund) by manufacturers
  • Reduced overall tariff compliance cost and administrative burden
  • Duty-free manufacturing and continued preferential market access under the North American Free Trade Agreement (NAFTA)

WHY SAINT JOHN?

The Greater Saint John Region is recognized as one of Canada’s strategic locations for International trade. It is home to:

  • The third largest port by volume in Canada
  • An advanced multi-modal transportation infrastructure
  • Available land in its industrial parks (for new warehousing and manufacturing facilities)
  • An existing industrial base boasting an advanced supply chain

“Our city’s great connections – including Port Saint John – make our region a natural fit for the development of a trade cluster. The FTZ point designation will make it easier than ever to engage with international businesses, and to reach international markets.” – Jim Quinn, CEO, Port Saint John

“An FTZ Point is another tool our business community can leverage to minimize the gap between where we are now and where we want to be. It’s an exciting development all businesses should be aware of.” – David Duplisea, CEO, The Chamber


ABOUT US

We are the economic development agency for the communities of Grand Bay-Westfield, Saint John, Rothesay, Quispamsis, and St. Martins. We are dedicated to achieving steady, long-term economic growth for our region by creating the kind of opportunities that improve quality of life and drive prosperity. All of our programming and projects are meant to support the creation of new startups, help existing businesses grow through innovation or workforce expansion and strengthen the advantages of  Greater Saint John so more people know it’s an ideal place to live, build or grow a business.


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For more information or learn about upcoming info sessions contact:
(506) 658-2877
info@enterprisesj.com