JACKSONVILLE, Fla. (Oct. 01, 2014) – Suddath Global Logistics was approved this month to operate a near one-half million square foot Foreign-Trade Zone in North Florida. The ability to operate a FTZ will benefit clients importing and exporting internationally who are authorized to operate under FTZ procedures.
Many countries offer incentives to companies when activities are conducted in a FTZ. Each country has its own set of rules and regulations for use and operation. A FTZ in the U.S. encourages international trade activity by allowing reduced or delayed duty payments, in addition to other cost saving opportunities.
“Suddath® enjoys a strong logistics presence across the U.S. and as an international freight forwarder,” said Dan DeSoto, president, “operating a Foreign-Trade Zone will help us offer cost savings and better serve our clients now and into the future.”
A FTZ enhances the global competitiveness of companies operating in the U.S. An FTZ is territory in the U.S. considered to be outside of U.S. Customs territory. An activated FTZ allows companies to delay, reduce or eliminate federal duties on foreign merchandise entering the FTZ. Many products are assembled with components sourced worldwide. Streamlined U.S. Customs procedures can provide companies with significant cost savings and improve operational efficiencies. More information about Foreign Trade Zones can be found here on the U.S. Foreign-Trade Zones Board website and on the National Association of Foreign-Trade Zones website.