New Foreign Trade Zone in Miami

The Miami Herald reports that the U.S. Department of Commerce has approved PortMiami’s bid to be a Foreign Trade Zone. This is very advantageous and will help PortMiami to become an international hub for trade and commerce.

According to the U.S. Customs and Border Protection,  imported products will be allowed to enter a zone warehouse without paying U.S. Customs duties if they are eventually shipped out to another country, or pay duties  only when the imports actually enter the U.S. market.

“Miami’s reputation is as a center for importing and then exporting south so this is a very good fit for our community,’’ said Kevin Lynskey, assistant port director for business initiatives.

“Establishing this new FTZ is crucial in helping our local businesses create jobs, stay competitive and stimulate our economy,’’ said Miami-Dade Mayor Carlos Gimenez. “It gives an edge to American businesses as they compete in the global marketplace.’’

The port is also planning to establish satellite zones that will allow individual companies to have the benefits of an FTZ at their own secure warehouses. Under the new streamlined application process, companies that want to set up satellite sites could be up and running within 60 to 90 days.

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