Sites & Programs: Foreign Trade Zones
An old program is gaining steam these days. Throughout the country, areas are embracing the Foreign Trade Zone program as a savvy tool in their arsenal to attract new business and help existing businesses stay more competitive. FTZ for short, the program was created by the government in the 1930s to make U.S. manufacturing more competitive globally. From a customs perspective, a foreign trade zone treats areas such as warehouses and manufacturing facilities as if they were outside the United States. Participating companies save millions of dollars by deferring, reducing or totally eliminating duty payments on imports and exports. FTZs used to be seen more commonly in the areas around seaports and airports, but today, inland areas are also taking advantage of this program. more....