Seattle secures expedited FTZ status
The Port of Seattle said this week it has opened a new development in its foreign trade zone aimed at helping local businesses in King County.
The U.S. Department of Commerce recently approved the port’s request to reorganize its FTZ under the new Alternative Site Framework (ASF) program, a more efficient process that requires less paperwork.
Companies can now secure foreign trade zone status for warehousing and distribution operations within around 30 days from the time an application is accepted for filing, a much faster timeframe than was previously available.
“This new FTZ option will help companies level the playing field with competitor operations in overseas markets,' said Scott Taylor, partner with Miller and Co. P.C., the port’s attorney for this application and a national FTZ expert. 'It is a game changer.”
An FTZ is a duty-free, quota-free, secured area in a designated customs “port of entry,” considered outside U.S. Customs territory. Within a zone, foreign goods can be brought into the United States without formal customs entry for assembly, manufacture, display, destruction or other processing. Duty payments can also be deferred, reduced or eliminated.
