Global Trade Designation a ‘Unique Asset’ For Indiana
March 9, 2016
Global Trade Designation a 'Unique Asset' For Indiana
The Ports of Indiana says the state is uniquely positioned to capitalize on global commerce with a new designation. Indiana is the second state where all counties have been approved for an accelerated Foreign-Trade Zone application process.
FTZs are administered within the state by the Ports of Indiana. Randolph County was approved last month for the Alternate Site Framework designation, which means all 92 counties in the state are on-board.
Indiana ports officials say the designation streamlines the time and paperwork needed to establish an FTZ and could, in some cases, reduce a one-year-long process down to 30 days. The organization also says FTZs can help boost U.S. competitiveness internationally by cutting, decreasing or delaying duties on some global goods.
Ports of Indiana Chief Executive Officer Rich Cooper says "having every county approved for the streamlined FTZ application process is a unique asset for Indiana. Indiana's FTZ administrators were committed to pursuing the ASF designations in order to provide a faster pathway for businesses to obtain FTZs and to eliminate some of the obstacles companies face when exploring FTZ benefits. In an expanding global economy with increased competition among nations for jobs, industry and capital, FTZs help promote American competitiveness by encouraging companies to maintain and expand their operations in the United States."
Delaware, which only has three counties, was the first state to have all counties approved for the ASF designation.
Indiana currently has six FTZs: Port of Indiana-Burns Harbor (FTZ 152), Port of Indiana-Jeffersonville (FTZ 170), Port of Indiana-Mount Vernon (FTZ 177), the city of Fort Wayne (FTZ 182), Indianapolis Airport Authority (FTZ 72) and St. Joseph County Airport Authority (FTZ 125).
FTZs are designated by the U.S. Department of Commerce Foreign-Trade Zones Board. You can connect to more about this announcement by clicking here.