CHENANGO COUNTY, N.Y., April 26, 2013 /PRNewswire-USNewswire/ -- Chenango County has officially been granted authority by the U.S. Department of Commerce to establish a Foreign-Trade Zone (FTZ)—becoming only one of 15 FTZs authorized in NYS. According to Development Chenango Corporation's (DCC) Executive Director Steve Craig , DCC applied on behalf of the county for FTZ status in July of 2012 to create more opportunities for businesses to compete in the global market.
An FTZ allows companies to produce or store goods in the U.S. as though those goods are outside U.S. commerce. "This is a great opportunity for Chenango County. It is great for the businesses that are here, and for the ones that we hope will come here," said Craig.
According DCC's Economic Development Coordinator Rebecca Sands , manufacturers often use several materials to create products, which have separate tariff codes and duty fees. The final products also have separate tariff codes and duty fees, which are usually lower than the tariffs on the raw materials. "Foreign-Trade Zone businesses that release their products for sale in the U.S. would pay the lowest duty fee, and those who export their items do not pay any duty fees," said Sands.
Alvogen/Norwich Pharmaceuticals and CWS were included in the county's application as Usage Driven Sites, meaning they have the authority to operate in the zone upon activation of their sites. The companies will work with U.S. Customs & Border Protection, Syracuse, NY Port of Entry to adhere to federal regulations, and they will have three years to activate.
Jason Lasicki , Sales Manager at CWS, discussed how the FTZ could affect his business. "Operating within a Foreign-Trade Zone will further enhance the strategic relationships dev
|SOURCE Development Chenango Corporation|
Copyright©2012 PR Newswire.
All rights reserved