The Port of Seattle has announced a new development in its Foreign Trade Zone (FTZ) that can benefit businesses in King County.
The US Dept of Commerce recently approved the port's request to reorganise its FTZ under the new Alternative Site Framework (ASF) program, a more efficient process that requires less paperwork.
According to port Commissioner Rob Holland, the new trade feature can bring new economic opportunity to local businesses at a time when industry needs every competitive advantage it can get.
Companies can now secure FTZ status for warehousing and distribution operations within around thirty days from the time an application is accepted for filing. This is a much shorter time frame than previously available. Manufacturing companies may also benefit from additional streamlined procedures.
The Port of Seattle is one of the first ports in the US to secure this option.
"This new FTZ option will help companies level the playing field with competitor operations in overseas markets," said Scott Taylor, partner with Miller and Company PC, the port's attorney for this application and national FTZ expert.
The US Dept of Commerce recently approved the port's request to reorganise its FTZ under the new Alternative Site Framework (ASF) program, a more efficient process that requires less paperwork.
According to port Commissioner Rob Holland, the new trade feature can bring new economic opportunity to local businesses at a time when industry needs every competitive advantage it can get.
Companies can now secure FTZ status for warehousing and distribution operations within around thirty days from the time an application is accepted for filing. This is a much shorter time frame than previously available. Manufacturing companies may also benefit from additional streamlined procedures.
The Port of Seattle is one of the first ports in the US to secure this option.
"This new FTZ option will help companies level the playing field with competitor operations in overseas markets," said Scott Taylor, partner with Miller and Company PC, the port's attorney for this application and national FTZ expert.