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North Carolina manufacturers whose trade activities take advantage of U.S. foreign trade zones can significantly reduce their costs in duties and taxes, as well as streamline their customs paperwork.
Join the Economic Development Partnership of North Carolina and the state’s foreign trade zone administrators for a July 23 webinar discussing the zones located in North Carolina. The free webinar, which will be held from 1 p.m.-2 p.m., will cover activities permitted in foreign trade zones, the benefits, and how companies can participate.
U.S. foreign trade zones (or FTZs) are geographic areas that are, for legal purposes, considered outside U.S. Customs territory. Foreign or domestic merchandise may enter an FTZ without a formal customs entry document or payment of customs duties or government excise taxes.
Many companies are unaware of the sizeable advantages of FTZ participation. Businesses that reduce costs through FTZs are better positioned to retain and create jobs as well as invest in new facilities.