The federal government has named Hamilton a Federal Trading Zone (FTZ) in an effort to spark more business, excite investors and establish the city as a hub for international trade.
"We know Hamilton has a strong economy and has been diversifying itself in recent years," Mélanie Joly, the country's Minister of Economic Development and Official Languages, said in an interview on Monday afternoon.
"Of course, it is a steel superpower, but also, in the tech and health and life science sector."
Keanin Loomis, president of the Hamilton Chamber of Commerce, said it will turn Hamilton into a "one-stop-shop" for information for businesses on everything related to exporting and importing in Canada.
"This is an importing and exporting concierge in Hamilton that will help businesses navigate all the various agencies and rules," he said in a phone interview.
The designation means local businesses can access programs for tariff and tax exemptions when buying or importing raw materials, components and finished goods. Being an FTZ also generally means the materials can be stored, processed or assembled for re-export — usually without any taxes and duties — or for entry into the domestic market, in which case taxes and duties would be deferred until the time of entry...
This was excerpted from the 10 November 2020 edition of CBC News.