SAULT STE. MARIE — Sault city officials recently announced a newly established Foreign Trade Zone, which was created with the help of the Sault Ste. Marie Economic Development Corporation.

Foreign Trade Zones (FTZ), sometimes called Free Trade Zones internationally, are places where domestic or foreign merchandise can be moved for purposes such as storage, exhibition, assembly, manufacturing and processing.

Foreign-trade zone sites are subject to the laws and regulations of the United States as well as those of the states and communities in which they are located and are subject to public interest review.

Placed in Sault Ste. Marie because of its proximity to customs and border patrol points of entry into Canada, FTZ Zone 16 site #1 is located at the Industrial Incubator, 1301 W. Easterday Ave. The Sault Ste. Marie Economic Development Corporation established the zone with the authorization of the Foreign Trade Zones Board.

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"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, in a press release. "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."

According to the economic development corporation, this development marks a pivotal moment in fostering international trade and economic growth.

Officials said the establishment of this Foreign Trade Zone offers a multitude of benefits for businesses engaging in global commerce. Companies operating within the zone will enjoy streamlined customs procedures, duty exemptions and reduced logistical costs.

It is also expected that the FTZ will serve as a magnet for foreign investment, driving job creation and economic opportunity in the region.

— Contact Brendan Wiesner: BWiesner@Sooeveningnews.com

This article originally appeared on The Sault News: Sault city officials announce new Foreign Trade Zone