Foreign-Trade Zone GrowsPosted: Updated:
More Indiana counties have received a federal designation designed to boost international business opportunities. Blackford, Jay, LaGrange and Steuben counties are now part of the Northeast Indiana Foreign-Trade Zone. The initiative allows for goods to be brought into approved areas duty-free. The additions bring the total number of counties involved in the zone to 12. February 3, 2014
FORT WAYNE, Ind. - Four northeast Indiana counties are now part of the area's Foreign-Trade Zone, providing businesses located in those counties with tools to help them compete globally.
The U.S. Department of Commerce recently approved the City of Fort Wayne's application for expansion of Foreign-Trade Zone 182 to Blackford, Jay, LaGrange and Steuben counties. Until now, the zone had a service area that covered eight counties (Adams, Allen, DeKalb, Huntington, Noble, Wabash, Wells and Whitley).
A U.S. Foreign-Trade Zone is a site within the United States that is legally considered outside of Customs territory for the purpose of duties, so goods may be brought into the site duty-free and without formal customs entry. Foreign-Trade Zones provide users with the opportunity to lower costs and boost profits by allowing them to reduce, eliminate or defer the Customs duties they would have otherwise paid.
The City of Fort Wayne is the Grantee for FTZ-182 and the program is managed by Elissa McGauley, Economic Development Specialist. The City of Fort Wayne, along with Greater Fort Wayne Inc. works closely with Fort Wayne International Airport and economic development organizations in the service area to promote the Foreign-Trade Zone throughout the region.
Recently, the local trade zone was branded as BizFTZ. The website www.bizFTZ.com provides complete information about Foreign-Trade Zones and links businesses to resources that can help a company understand, evaluate and start the process to operate in the zone.
Source: The City of Fort Wayne