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What are Foreign -Trade Zones?

Trade Associations
Machinery and Mechanical Appliances
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Ehsan A.
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May 21, 2020
What are Foreign -Trade Zones?

2 answers

Jun 11, 2020
According to U.S. Customs and Border Protection (CBP), foreign trade zones are the United States’ version of Free Trade Zones. A United States Foreign-Trade Zone is a secure, geographical area authorized by the federal government, where commercial merchandise, both domestic and foreign, receives the same treatment by US Customs as if it were outside the commerce of the United States. Many firms use FTZs to defer the payment of duties and taxes, and in the case of re-export of cargo, avoid the applicable duties and taxes all together as the merchandise was considered to have never entered the US consumption area. FTZs can be operated by both public and private entities.
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May 27, 2020
Foreign-trade Zones (FTZ) are secure areas located in or near ports of entry but legally considered to be outside the customs territory for tariff laws and Customs entry procedures.
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