NAFTZ gets the leadership it deserves
January 11, 2012
As noted in today’s news, NAFTZ is set to expand under new leadership.
Daniel Griswold is a trade evangelist, and his mission to destroy existing barriers is embraced and shared by LM readers.
NAFTZ is a 650-member organization comprised of public entities, corporations and service providers focused on promoting the use of the US Foreign-Trade Zone (FTZ) program.
FTZs play an important role in facilitating international trade and increasing the global competitiveness of U.S.-based companies by maintaining the cost competitiveness of U.S.-based operations with their foreign-based competitors. Over 2,500 U.S. companies and 330,000 American workers participate in the FTZ economy.
Under FTZ procedures, foreign and domestic merchandise may be admitted into zones for operations such as storage, exhibition, assembly, manufacture and processing, without being subject to formal CBP entry procedures, the payment of duties or the payment of federal excise taxes.
When merchandise is removed from a foreign-trade zone, duties may be eliminated if the goods are then exported from the United States. If the merchandise is formally entered into U.S. commerce, duties and excise taxes are due at the time of transfer from the foreign-trade zone. Zone status provides companies with an opportunity to reduce certain operating costs associated with a U.S. location that are avoided when operating from a foreign site.
We wish Mr. Griswold the best.
Subscribe to Logistics Management magazine
entire logistics operation. Start your FREE subscription today!