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Foreign Trade Zones

Economy Term


Foreign Trade Zones (FTZs) are designated areas in the United States where foreign and domestic goods can be brought in for storage, assembly, manufacturing, and processing without being subject to customs duties or other federal taxes. FTZs are also known as Free Trade Zones, Bonded Warehouses, and Foreign Trade Zones.

FTZs are established under the Foreign-Trade Zones Act of 1934, and there are approximately 230 FTZs in the United States, spread across all 50 states. These zones are typically located near ports, airports, and other transportation hubs, and they are operated by either state or local governments, or private entities.

The primary purpose of FTZs is to promote and facilitate international trade by eliminating or reducing tariff and non-tariff barriers, thereby making it easier and more cost-effective for businesses to import, process, and re-export goods. FTZs help businesses save money on duties, taxes, and other fees associated with importing goods, which can help increase competitiveness, lower costs, and increase profits.

FTZs are used by a wide range of industries, including manufacturing, distribution, and logistics, among others. Companies that use FTZs include automotive manufacturers, electronics producers, pharmaceuticals companies, and retailers, among others.

Overall, FTZs play an important role in the economy and international trade by promoting economic growth, increasing employment, and facilitating the movement of goods across borders, all while providing a cost-effective option for businesses looking to compete in the global marketplace.


   
     

Foreign Trade Zones

Economy Term


Foreign Trade Zones (FTZs) are designated areas in the United States where foreign and domestic goods can be brought in for storage, assembly, manufacturing, and processing without being subject to customs duties or other federal taxes. FTZs are also known as Free Trade Zones, Bonded Warehouses, and Foreign Trade Zones.

FTZs are established under the Foreign-Trade Zones Act of 1934, and there are approximately 230 FTZs in the United States, spread across all 50 states. These zones are typically located near ports, airports, and other transportation hubs, and they are operated by either state or local governments, or private entities.

The primary purpose of FTZs is to promote and facilitate international trade by eliminating or reducing tariff and non-tariff barriers, thereby making it easier and more cost-effective for businesses to import, process, and re-export goods. FTZs help businesses save money on duties, taxes, and other fees associated with importing goods, which can help increase competitiveness, lower costs, and increase profits.

FTZs are used by a wide range of industries, including manufacturing, distribution, and logistics, among others. Companies that use FTZs include automotive manufacturers, electronics producers, pharmaceuticals companies, and retailers, among others.

Overall, FTZs play an important role in the economy and international trade by promoting economic growth, increasing employment, and facilitating the movement of goods across borders, all while providing a cost-effective option for businesses looking to compete in the global marketplace.


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