Port Miami wins approval to operate as foreign-trade zone
FTZ status will make it easier to create duty-free warehouse.
The U.S. Department of Commerce has accepted Port Miami's application for a Foreign Trade Zone (FTZ), meaning that foreign exporters shipping into the port's environs will not be required to pay U.S. import duties as long as the goods are heading from one foreign country to another.
Port officials said the plan will expand Miami-Dade County's global competitiveness by creating a more flexible approval process to make it easier for companies to create duty-free warehouses. By creating more duty-free zones, Port Miami will enhance the utilization of its facilities, port officials said.
Paul Piquado, the Commerce Department's assistant secretary for import administration, and Miami-Dade County Mayor Carlos A. Gimenez yesterday presided over an official license signing ceremony at Port Miami.
Formerly known as the Port of Miami, the port has re-branded itself and is now known as Port Miami.More articles by DC Velocity Staff
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