Foreign Trade Zone Status Secured
for Warren County
Within the past few months, Warren County has joined nine other counties in the upstate region as part of an expanded Foreign Trade Zone. Some of the business benefits of having FTZ status include duty exemption, deferral or reduction (inverted tariff); other cash flow benefits; merchandise processing fee reduction; streamlined logistics; quota avoidance; and other benefits, such as better inventory control and security leading to better compliance with Customs requirements. EDC will be marketing these new benefits as part of its recruiting efforts to attract businesses to the County.
EDC served as the lead organizer of Warren County's participation, and thanks co-investors Queensbury Economic Development Corporation, Greater Glens Falls Development Corporation, and the Warren-Washington Industrial Development Authority for their participation and funding contributions as well.
The approval of the expanded FTZ territory is the culmination of three years of work, and provides business sites in the county with fast-track approval of 30-45 days when they submit their applications to U.S. Customs and Border Protection officials. |
