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Foreign Trade Zone

Lake County is part of Foreign-Trade Zone 40. The U.S. Foreign-Trade Zone (FTZ) program is a unique global supply chain management tool that assists U.S. companies engaged in international trade by offering significant, ongoing cost savings to help them be more competitive in a global market. The FTZ program was created in 1934 by Congress as an incentive to encourage companies to keep investment and jobs in the United States and not move production offshore. It does this by removing certain costs and barriers that do not exist in foreign locations.

A foreign-trade zone is a designated area within the United States that is considered to be outside the stream of international commerce. Certain types of merchandise may be admitted into the zone without being subject to customs duties or certain excise taxes.

There are two types of zones: General Purpose Zones and Subzones.

• A General Purpose Foreign-Trade Zone (FTZ) site is established to accommodate a number of companies and multiple activities. It is typically defined as an industrial or commercial park. Public warehouse operations also operate as General Purpose Foreign-Trade Zones.

• A Subzone is a special purpose zone established for a single company.

 

For more information on this program, please contact:

Timothy A. Cahill

Director of Public Finance and Controller

tcahill@lcport.org

440-357-2290 x234