City of Laredo Foreign Trade Zone ASF Application Approved
Written by admin, Sep 8, 2012, 0 Comments
Courtesy Timothy A. Franciscus-Timm,
On August 29, 2012, the U.S. Department of Commerce and the Foreign Trade Zone Board approved the reorganization of the City of Laredo, Foreign-Trade Zone 94 service area to include all of 3,376 square miles of Webb County, under the Alterative Site Framework (ASF). Under these new guidelines, there will be no changes or affects to any of the current Foreign Trade Zone operators.
Laredo’s FTZ program has now been expanded from the original 7 sites and 4 Temporary Boundary Modifications to include all of Webb County, Texas. This allows any existing or future logistics, distribution, or warehouse company in Webb County to apply to become Foreign Trade Zone operators in an expedited manner without going through the lengthy Temporary Boundary Modification process.
Under the new ASF, applicants located in areas of the City of Laredo and Webb County that were not included in the original 7 sites will no longer have to be located within an existing FTZ approved site. Any company in Webb County will be able to apply and become FTZ operators within 30 days, being that they meet all CBP requirements.
“Foreign trade is the lifeline of our city,” says Mayor Raul G. Salinas. “This FTZ designation is just one more step in further enhancing the City of Laredo’s focus on maintaining our position as the nation’s number one inland port, by expanding economic development and promoting job creation. International trade in Laredo does both for our community.”
Under the Foreign Trade Zone program, companies engaged in international trade-related activities can get duty-free treatment for merchandise processed in the FTZ and then exported out of the United States. If they merchandise is brought of the FTZ for sale in the U.S. market, duty payments are deferred until the merchandise leaves the FTZ.
The City of Laredo and the County of Webb submitted required letters of support as part of this reorganization application. The new Alternate Site Framework clearly demonstrates the City of Laredo’s support and commitment to economic development as the City continues to make the Port of Laredo, Texas the Number 1 Inland Port in the United States.
