Sault Ste. Marie Economic Development Corporation designated as Foreign Trade Zone

What's happening: Increased international trade opportunities are now possible for those working with the Sault Ste. Marie Economic Development Corporation after the industrial incubator was authorized as a Foreign Trade Zone (FTZ). The new designation will ease international trade regulations for businesses working with the development corporation and increase Sault Ste. Marie’s global economic impact. 

What is a Foreign Trade Zone: According to the International Trade Administration, which falls under the United States Department of Commerce, FTZs utilize special customs procedures, which allow domestic activity involving foreign items to take place prior to formal customs entry. Benefits can occur for both domestic companies that are looking to enter into localized markets in different countries or for foreign countries that have producers located in the United States. FTZs are monitored by Customs and Border Protection officials and remain in jurisdiction of local, state and/or federal governments and agencies.   

What they're saying: "Our approval for the activation of a Foreign Trade Zone highlights our dedication to facilitating trade and investment, both domestically and internationally," said Nikki Radke, development specialist at The Sault Ste. Marie Economic Development Corporation. "This initiative will not only enhance the competitiveness of businesses operating within the zone but also contribute to the overall economic development of our community."

What's next: Designation is expected to spark economic growth, specifically in businesses reinvesting the money saved in reduced logistical costs and increased competitiveness in global markets.