George Hansen, Vancouver Island Economic Alliance president, describes the benefits of the federal government’s recognition of Vancouver Island as a foreign trade zone during an announcement hosted at Nanaimo Airport on Monday. CHRIS BUSH/The News Bulletin

George Hansen, Vancouver Island Economic Alliance president, describes the benefits of the federal government’s recognition of Vancouver Island as a foreign trade zone during an announcement hosted at Nanaimo Airport on Monday. CHRIS BUSH/The News Bulletin

Vancouver Island designated as foreign trade zone

NANAIMO - Trade zone designation simplifies importing and exporting and provides duty relief

Companies now have a guy who knows a guy, so to speak, when it comes to importing and exporting goods to and from Vancouver Island and doing business with foreign customers.

The Vancouver Island Economic Alliance announced, at an event hosted at Nanaimo Airport on Monday, that the Island has been granted official status as a foreign trade zone by the federal government.

There are 11 foreign trade zones in Canada, but this is the first time the government has given FTZ status to an entire economic region, such as the Island. The model until now has been to only give the status to municipalities.

“This is the first time the government has designated a region the size of Vancouver Island, with 13 municipalities … and the FTZ office [Vancouver Economic Alliance] is an NGO. Usually it’s government,” said Bill Collins, chairman of Victoria-based train electronics systems manufacturer Quester Tangent.

Government recognition of region as a foreign trade zone essentially acknowledges that region has a network of services and programs, such as customs-bonded warehousing, that can streamline processes for companies that want to import or export products to and from the region and conduct trade with foreign markets.

“The most significant part of this is businesses on Vancouver Island having access to government programs that defer taxes and duty,” said George Hansen, VIEA president. “The cash flow implications for that, particularly for anyone who’s working in volumes, is enormous.”

The foreign trade zone designation is a product of the work started in 2006 when the Vancouver Island Economic Alliance was formed to organize Vancouver Island municipalities into an economic region.

To learn more about FTZ-V.I., click this link.



photos@nanaimobulletin.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

News Bulletin file photo
Wrong set of golf clubs given away outside Nanaimo thrift store

Family spreading word about mistake in hopes clubs might be returned to them

The Regional District of Nanaimo faces challenges with garbage bin replacement requests. (Michael Briones photo)
Regional District of Nanaimo faces challenges to meet requests for garbage bin replacements

Waste manager says RDN will have a surplus of 100-litre carts

Nanaimo RCMP are investigating after a hit-and-run incident outside the 7-Eleven store at University Village Mall Feb. 3. (Photo submitted)
UPDATE: Nanaimo RCMP speak to people of interest in hit-and-run investigation

Police continuing to investigate Feb. 3 incident in Harewood

(News Bulletin file)
Wellington, Ladysmith secondary schools latest with COVID-19 cases

NDSS and Bayview Elementary also experienced exposures, says SD68

Provincial health officer Dr. Bonnie Henry updates B.C. on the COVID-19 situation. (B.C. government)
Dr. Bonnie Henry predicts a ‘post-pandemic world’ for B.C. this summer

‘Extending this second dose provides very high real-world protection to more people, sooner’

The Regional District of Nanaimo’s board is forwarding a motion on illegal dumping to the Association of Vancouver Island and Coastal Communities’ upcoming annual general meeting. (Kane Blake photo)
Regional District of Nanaimo motion seeks to ask province for help to combat illegal dumping

RDN resolution to be forwarded to Association of Vancouver Island and Coastal Communities

FILE - In this Jan. 18, 2014, file photo, endangered orcas from the J pod swim in Puget Sound west of Seattle, as seen from a federal research vessel that has been tracking the whales. A new study from federal researchers provides the most detailed look yet at what the Pacific Northwest's endangered orcas eat. Scientists with the NOAA Fisheries Northwest Fisheries Science Center spent years collecting fecal samples from the whales as well as scales from the fish they devoured. They say their data reaffirm the central importance of Chinook salmon to the whales. (AP Photo/Elaine Thompson, File)
Study reinforces importance of Chinook to Pacific Northwest orcas

Data confirms how central the big salmon are to the orca’s diet year-round

Malawian police guard AstraZeneca COVID-19 vaccines after the shipment arrived in Lilongwe, Malawi, Friday March 5, 2021. Canada is expecting its first shipments of AstraZeneca vaccine next week. (Associated Press/Thoko Chikondi)
B.C.’s daily COVID-19 cases climb to 634 Friday, four more deaths

Currently 255 people in hospital, 66 in intensive care

A crashed helicopter is seen near Mt. Gardner on Bowen Island on Friday March 5, 2021. Two people were taken to hospital in serious but stable condition after the crash. (Irene Paulus/contributed)
2 people in serious condition after helicopter goes down on Bowen Island

Unclear how many passengers aboard and unclear where the helicopter was going

Surrey Pretrial in Newton. (Photo: Tom Zytaruk)
B.C. transgender inmate to get human rights hearing after being held in mostly male jail

B.C. Human Rights Tribunal member Amber Prince on March 3 dismissed the pretrial’s application to have Makayla Sandve’s complaint dismissed

Supporters rally outside court as Pastor James Coates of GraceLife Church is in court to appeal bail conditions, after he was arrested for holding day services in violation of COVID-19 rules, in Edmonton, Alta., on Thursday March 4, 2021. THE CANADIAN PRESS/Jason Franson
‘Law remains valid:’ Pastor accused of violating health orders to remain in jail

The Justice Centre for Constitutional Freedoms is representing the pastor

The Netflix logo on an iPhone. B.C. delayed imposing sales tax on digital services and sweetened carbonated beverages as part of its response to COVID-19. Those taxes take effect April 1, 2021. THE CANADIAN PRESS/AP, Matt Rourke
B.C. applies 7% sales tax on streaming, vaping, sweet drinks April 1

Measures from 2020 budget were delayed due to COVID-19

Chief Don Tom of the Tsartlip First Nation was outraged after Green MLA Adam Olsen revealed on social media that the community had been experiencing a COVID-19 outbreak – a fact the First Nation had chosen to keep private to avoid racist backlash as experienced by the Cowichan Tribes when an outbreak was declared there in January. (Black Press Media file photo)
B.C. First Nation ‘outraged’ after Green MLA reveals COVID-19 outbreak

Tsartlip First Nation chief shares concerns about racist backlash, MLA apologizes

Most Read