The VITA Global Networking Breakfast held on Wednesday, June 25, 2014 focused on how the Foreign Trade Zone can help your business.
Gina Barro, Business Development Manager from the Port of Long Beach and Wayne Coleman, President & COO of FTZ Networks Inc. discussed the advantages and opportunities of doing business in a foreign trade zone (FTZ) and how this important economic development tool can help companies better compete in global markets. A foreign trade zone is a designated area in the United States where companies can set up operations with exempted or deferred tariffs on foreign merchandise. FTZs make U.S. manufacturing more competitive by reducing or eliminating unfair tax burdens on companies that make or assemble finished products using foreign components.
- Merchandise may be stored within a Foreign Trade Zone for an unlimited period of time and avoid all duties and excise taxes.
- Merchandise may be opened, examined, assembled, mixed, cleaned, labeled or repackaged within a zone.
- Merchandise may be displayed, sampled or examined within the zone.
- Waste materials and damaged merchandise may be destroyed within the zone to avoid duties.
For more information on how the Port of Long Beach can help your business please contact
Business Development Manager
Port of Long Beach
4801 Airport Plaza Drive
Long Beach, CA 90815