New Orleans speeds up FTZ process
The Port of New Orleans said businesses wanting to take advantage of its foreign trade zone will be able to do so more rapidly than in the past.
The port said the Foreign Trade Zones Board, an independent agency within the U.S. Commerce Department, has approved the port's FTZ for its new alternative site framework, which allows existing and new companies that locate within Orleans, Jefferson and St. Bernard parishes to secure FTZ status for warehousing and distribution operations within about 30 days from the time an application is accepted for filing, instead of an average of about 90 days.
The port said the change is expected to help promote the flow of commodities, such as copper, aluminum, zinc, steel and coffee, which are already stored in FTZ warehouses and distribution sites in metro New Orleans, and help attract new companies.
The Port of New Orleans administers FTZ No. 2, which was established in 1946, and is the country's second-oldest.
The port's general purpose FTZ is spread out on 63 sites in the three parishes, and includes 824 acres of warehousing and distribution facilities. Additionally, there are six manufacturing FTZ subzones, including three refineries, two shipyards and an oil drilling materials manufacturer.