For Full Story: Maritime Executive
Article By: MAREX staff
Foreign-Trade Zone (FTZ) #25 at Port Everglades is helping Broward County businesses gain Zone status faster as part of the national “Alternative Site Framework” program.
Recently the U.S. Department of Commerce’s Foreign-Trade Zone Board (FTZB) approved an application for FTZ #25 at Port Everglades to operate under its Alternative Site Framework (ASF). This authorization speeds the FTZ approval process by eliminating temporary minor boundary modifications, acreage re-designation, and other minor procedures that take time to process under the Traditional Site Framework.
“Our FTZ is unique because we act as a liaison between the users and CBP, eliminating barriers of entry for new FTZ users,” said Jorge Hernández, Port Everglades Director of Business Administration. “The Alternative Site Framework bolsters Broward County’s plans to maintain an adequate supply of available FTZ-designated space for potential new growth.”
FTZ #25 acts as a Grantee/Operator for business owners throughout Broward County who want to save money and/or manage cash flow on U.S. Customs and Border Protection (CBP) fees and duties. In addition, FTZ #25 Operations utilizes software to submit inventory transactions directly to CBP and has staff available to handle the processing as a convenient one-stop shop.
An FTZ is a secured, designated U.S. location where companies can use special procedures to encourage U.S. economic activity and provide added value—in competition with foreign alternatives—by allowing duty-free, delayed, deferred or reduced duty payments on foreign merchandise, as well as other savings.
FTZ #25 at Port Everglades is fourth in the United States for warehousing and distribution with $6.1 billion in total activity (according to the latest information available in calendar year 2017).