Peter T. Leach, Senior Editor | Aug 09, 2012 11:01AM EDT
The U.S. Department of Commerce has accepted the application by the Port of Miami for a Foreign Trade Zone license, enhancing Miami-Dade County’s status as a Center for International Trade and Commerce.
Port officials said the license would expand Miami-Dade’s current foreign trade zones to a more flexible approval process that would make it easier for individual companies to create duty-free warehouses.
FTZ designations allow exporters to ship goods without paying U.S. import taxes, provided the items are heading from one foreign country to another.
By creating more duty-free zones, the Port of Miami aims to make it easier for shippers to operate in Miami-Dade and attract more cargo through the port’s facilities.
Contact Peter T. Leach at pleach@joc.com. Follow him on Twitter @petertleach.
