Foreign Trade Zone Changes Would Benefit Local Business

By Bauerlein, David | The Florida Times Union, June 16, 2009 | Go to article overview

Foreign Trade Zone Changes Would Benefit Local Business


Bauerlein, David, The Florida Times Union


Byline: DAVID BAUERLEIN

Foreign trade zones have grown nationwide, giving companies a way to control costs when they use imported products.

Currently, eight sites in Jacksonville offer the benefits of a foreign trade zone. They are at the port, Jacksonville International Airport, and several industrial parks on the Northside and Westside. The Jacksonville Port Authority intends to seek federal approval for speeding the approval process of foreign trade zone benefits throughout the region - Duval, Clay, St. Johns, Nassau and Baker counties.

Scott Taylor, a Miller & Company attorney who will give a presentation today at JaxPort-sponsored seminar, and Deborah Lofberg, director of marketing support service for JaxPort, discussed the role of foreign trade zones. The seminar is full, but Lofberg can be reached at (904) 357-3072 for anyone interested in the program.

What is the impact to a business' bottom line of being in a foreign trade zone?

Taylor: A business can reduce or defer the payment of custom duties on imported merchandise that's held in a foreign trade zone, either in warehouses and distribution centers or in manufacturing. That product can subsequently be sold in the United States, where payments may be made on customs duties, or if it's exported, payment is avoided because a foreign trade zone - while it's physically in the U.S. - is outside the U.S. Customs territory.

Are there particular requirements that add to the expense of running the business?

Taylor: As with anything, if there's a benefit, there's a cost. The main thing is the facility is a secured facility. Most of the modern facilities being built today would meet the basic requirements. The other costs are being able to manage inventory. You have to be able to track merchandise. That has to be accurate, as it should be without a foreign trade zone. The benefits are the ability to save money if you are importing and exporting and competing in the global economy.

When you talk to businesses about the program, are there particular reasons why they decide not to do it?

Taylor: The current way the program is set up, it requires several months to get approved in Washington - six to 10 to 12 months to get the foreign trade zone designation. The time frame is a big deal. What we're going to talk about (at the seminar) is the new alternative site framework which is an option the Department of Commerce has just put in place to expedite these approvals.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Foreign Trade Zone Changes Would Benefit Local Business
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.