Trade
The Greater Detroit Foreign Trade Zone (GDFTZ) was created in 1981 through the U.S. Department of Commerce to allow for the reduction of taxes across borders and to attract, retain and facilitate international trade In 2011, Metro Detroit ranked as the fourth largest export market in the United States. Infrastructure is an important component in the metro area economy. Detroit has an extensive toll-free expressway system which, together with its status as a major port city, provide advantages to its location as a global business center. There are no toll roads in Michigan.
Metro Detroit is the U.S.A.'s number one exporting region and busiest commercial port. Detroit is at the center of the Great Lakes Megalopolis. The Ambassador Bridge is the busiest commercial border crossing in North America, carrying 27 percent of the total trade between the U.S. and Canada. More than fifteen million people and ten million vehicles cross the Ambassador Bridge and the Detroit-Windsor Tunnel annually. A 2004 Border Transportation Partnership study showed that 150,000 jobs in the Detroit-Windsor region and $13 billion in annual production depend on Detroit's international border crossing. The Detroit River International Crossing project calls for a second bridge to be built across the Detroit River to facilitate increased trade and ease of travel.
Many people commute across the Detroit-Windsor International border daily. Professions identified in the Canada - United States Free Trade Agreement which began in 1988 are permitted TN Visas for legal work in the United States and Canada, creating freedom of labor movement. TN status is recognized in the North American Free Trade Agreement (NAFTA) which began in 1994. As an example, a large number of nurses in Detroit hospitals also live in Windsor. The 710-mile (1,140 km) Quebec City–Windsor Corridor contains over 18 million people, with 51 percent of the Canadian population and three out of the four largest metropolitan areas in Canada, according to the 2001 Census. Headquartered in Detroit, the international law firm of Miller, Canfield, Paddock & Stone P.L.C., is one of the largest in the United States. Metro area business leaders belong to the Detroit Economic Club, headquartered at 211 West Fort Street. The U.S dollar is readily accepted as currency in Windsor.
Read more about this topic: Economy Of Metropolitan Detroit
Famous quotes containing the word trade:
“Whatever trade one is in, one will find some fault with it.”
—Chinese proverb.
“People run away from the name subsidy. It is a subsidy. I am not afraid to call it so. It is paid for the purpose of giving a merchant marine to the whole country so that the trade of the whole country will be benefitted thereby, and the men running the ships will of course make a reasonable profit.... Unless we have a merchant marine, our navy if called upon for offensive or defensive work is going to be most defective.”
—William Howard Taft (1857–1930)