Port of New Orleans Receives Speedy FTZ Approval
Businesses wishing to take advantage of the foreign-trade zone (FTZ) at the port of New Orleans will be able to do so more quickly than usual. The port has successfully applied for a program that streamlines the process for approving FTZ sites.
According to the port, the Foreign-Trade Zone Board has approved the port’s FTZ for its new alternative site framework (ASF). The ASF allows new and existing companies in the parishes of Orleans, Jefferson and St. Bernard to secure FTZ status for warehousing and distribution operations. The time frame for this has been sped up to around 30 days, instead of the average of about 90 days without ASF.
This change is expected to promote the flow of several commodities such as copper, aluminum, zinc, steel and coffee, which are already stored in FTZ warehouses and distribution sites in metro New Orleans. The FTZ program can also be used to help attract new distribution and manufacturing operations to the area.
Have you thought about participating in an FTZ? FTZs can provide increased benefits and savings opportunities to organizations. If you are considering an FTZ for your company, watch an educational on-demand webcast on the ABCs of FTZs.
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