Foreign Trade Zones Essay -- Foreign Trading Essays

orthogonal Trade ZonesSource http//ia.ita.doc.gov/ftzpage/tic.htmlIn nurture and going over chapter 17, I learned a lot and what most interesting is that the field that I work in which is a Logistic Company and we export and import shipments all day long. We do a great deal from holding goods and receiving and shipping out goods to the Georgia Port place and we do custom paperwork. So this was very enlightening to me and there was lots of information on the internet. I choose this article because of the homework duty assignment that was given to us and I think that it was great information to anyone learning about FTZs.Foreign address zones (FTZs) are designated sites where special impost procedures apply. Foreign trade zones in the United States are comparable to so-called muster out trade zones in many countries, though procedures vary widely from farming to country. FTZs allow domestic activity involving outside(prenominal) items to take place as if it were outside the customs territory of the United States for duty compensation purposes, thereof offsetting customs advantages available to overseas producers who export in competition with products make in the United States.WHAT IS AN FTZ? A conflicting trade zone is a restricted access site authorized by the Foreign-Trade Zones Board, which consists of the treasury and work secretaries (the secretary of commerce chairs the board). FTZs, upon activation under regulations of the U.S. customs Service, are adept areas under U.S. Customs supervision. These zones are at or near U.S. Customs ports of entry. Formal customs entry procedures don?ft apply in these zones, although FTZs are within the territory and jurisdiction of the United States.WHY WERE such(prenominal) ZONES ESTABLISHED? Congress established the Foreign-Trade Zones Board in 1934 to license and regulates FTZs in the United States. FTZs were established for a number of reasons, the primary being to hike up and expedite U.S. participa tion in internationalist trade. Foreign goods may be admitted to an FTZ without being subject to customs duties and certain excise taxes. FTZs allow deferred payment of duties until goods are entered into the commerce of the United States. Under zone procedures, the usual customs entry procedures and payment of duties are not required on abroad merchandise until it actually enters customs territory for domestic consumption. Foreign mercha... ...ms clearance. FTZs as well assist state and topical anaesthetic officials to develop their economies by attracting foreign commerce. And by helping U.S. companies improve their international competitiveness, FTZs can help retain local business and encourage the development of additional jobs. FTZs also facilitate international trade, as noted in the advantages above.DO OTHER COUNTRIES HAVE FTZs? some(prenominal) other countries operate special customs areas, such as bump trade zones (also referred to as FTZs) and export processing zone s. U.S. exporters and other interested parties should tint the embassy or customs officials of individual countries for specific procedures, requirements, and arrangements. Although there may be several similarities, it should not be assumed that a free trade zone overseas operates under the same principles as a foreign trade zone in the United States. Contact information for foreign embassies is available by calling the Trade Information Center at 800- USA-TRADE, or by visiting www.export.gov/tic. Many U.S.freight forwarders also have operative relationships with trade zones overseas and can provide information on the bread and butter required to ship goods through them.