Foreign Trade Zones Board News

Expansion of Virginia’s Foreign-Trade Zone (FTZ 20) into northeast North Carolina was approved by the US Department of Commerce and the decision provides another means of attracting cargo to The Port of Virginia, the port’s CEO says. “This is an incentive that can be used to attract business to the port and investment and jobs to locations within the FTZ,” said John F. Reinhart, CEO an executive director of the Virginia Port Authority (VPA). “The benefits of the FTZ can be significant and this decision opens the door in northeast North Carolina to those benefits. Companies operating in Foreign-Trade Zones can defer, reduce or eliminate US Customs duties on imported products.

The Foreign Trade Zones Board of the Department of Commerce issued a notice stating that the application of the Jacksonville Port Authority to expand its foreign trade zone has been approved. (Source: Holland & Knight)

The Foreign-Trade Zones Board received an application requesting special-purpose subzone status for the shipbuilding facilities of Eastern Shipbuilding Group in Panama City, Florida. Comments on the application should be submitted by August 13. Source: HK Law