BC Business
The government of Canada has officially designated Vancouver Island as a Foreign Trade Zone (FTZ). The federal finance department explains that FTZ generally refers to a specific location within a country that is officially designated for eligibility for tariff and tax exemptions with respect to the purchase or importation of raw materials, components or...
The government of Canada has officially designated Vancouver Island as a Foreign Trade Zone (FTZ). The federal finance department explains that FTZ generally refers to a specific location within a country that is officially designated for eligibility for tariff and tax exemptions when it comes to the purchase or importation of raw materials, components or finished goods.
With the new designation, the Vancouver Island Economic Alliance (VIEA) will highlight the region’s network of trading centres, airports and deep-water ports, which can handle 10 times current volumes, serving North America, Latin America and Asia, according to a release from Western Economic Diversification Canada.