Seattle Foreign Trade Zone status signals low-hassle future

THE Port of Seattle has announced that the US Department of Commerce has approved its request to reorganise its Foreign Trade Zone (FTZ) under the new Alternative Site Framework (ASF) programme, requiring less hassle and paperwork.

FTZs are a duty-free, quota-free, secured area in a designated customs "port of entry," considered outside US Customs territory. Within a zone, foreign goods can be brought into the US without formal customs entry for assembly, manufacture, display, destruction or other processing. Duty payments can be deferred, reduced or eliminated when an FTZ is utilised.

"This new trade feature can bring new economic opportunity to local businesses," said Port of Seattle commissioner Rob Holland. "With today's economy, we need every competitive advantage we can get to help create jobs."

Companies can now enjoy the competitive advantage of securing Foreign Trade Zone status for warehousing and distribution operations within 30 days from the time an application is accepted for filing, said a port statement. This is a much faster than previously available, it said.

Manufacturing companies may also benefit from additional streamlined procedures. Seattle is one of the first ports in the United States to secure this option.

"This new FTZ option will help companies level the playing field with competitor operations in overseas markets. It is a game changer," said Scott Taylor, the port's attorney for the application and a national FTZ expert.
(Source:www.schednet.com)