Foreign Trade Zone Update November 30, 2016
The Foreign Trade Zone Board and the City of Fort Lauderdale FTZ 241 have approved MIASF’s application to create a 16-site marine industry subzone – the first recreational marine FTZ in the United States. FTZ restricted-access sites are considered to be outside the U.S. Customs territory, and as such, can defer, reduce, or eliminate Customs duties on foreign products. Another benefit of the FTZ is the opportunity to bring additional good paying jobs to the community. With the initial approval of the FTZ subzone, each site can now begin the process of activating in compliance with U.S. Customs and Border Protection regulations. Additional options for the marine industry under an FTZ will ensure this is an active job sector for many years.