First Coast Businesses Expect Boost From New Foreign Trade Zone Approval
According to a May 11, 2011 article in The Florida Times-Union, a newly expanded foreign trade zone for Northeast Florida will give businesses a fast-track process for obtaining the benefits that come from being in the zone. The article states that JaxPort reported that the U.S. Department of Commerce and its Foreign Trade Zone Board approved the port authority's application for a zone that covers Duval, Nassau, Clay, Baker and Columbia counties. The Northeast Florida zone is the first of its kind to win approval in Florida and the 31st in the nation, according to JaxPort. The Foreign Trade Zone Board also labeled Cecil Commerce Center, located on Jacksonville's Westside, as a "magnet site" within the zone. The designation is based on showing an industrial site is served by a solid transportation network that can attract a cluster of businesses that import goods, said Deborah Lofberg, who oversees the foreign trade zone for JaxPort. Business located in foreign trade zones can either eliminate or defer the custom duties levied when goods are imported into the U.S. The foreign trade zones are aimed at convincing manufacturers and distributors to put their operations in the U.S. rather than overseas. The expansion of the trade zone won't have any immediate impact on businesses in Northeast Florida. Businesses still must apply separately to be included in the program. The main impact is that when businesses do apply, they can expect a faster turnaround on their applications. Before the Commerce Department approved the expansion, the foreign trade zone administered by JaxPort covered about 1,400 acres at different sites, mainly at the Talleyrand and Blount Island marine terminals, along with some Jacksonville industrial parks. Businesses outside those boundaries could still seek to become part of the foreign trade zone, but the waiting time for an application to get approved was six to nine months, Lofberg said.
~ For business data on engaging in international real estate transactions in Florida, click here.
