Celebrating Innovation in Global Trade
Welcome to National FTZ Day, celebrated every year on February 14! This special day shines a spotlight on the pivotal role Foreign-Trade Zones (FTZs) play in fostering economic growth, creating job opportunities, and enhancing global commerce.
FTZs are secure areas located within the United States that are considered outside the U.S. Customs territory for the purpose of international trade. They allow businesses to bring goods into the U.S. without paying import duties until the goods enter the U.S. market. FTZs play a key role in increasing global competitiveness, improving efficiency in supply chains, and stimulating economic development.
What is a Foreign-Trade Zone (FTZ)?
A Foreign-Trade Zone is a designated area in the U.S. that provides businesses with the ability to defer or eliminate certain customs duties, helping to reduce operating costs and increase flexibility in international trade. Goods entering FTZs are treated as if they are outside the U.S. until they are brought into the domestic market. This allows businesses to save money on taxes and import duties, while facilitating a smooth process for international manufacturing, assembly, and distribution.
The benefits of FTZs include:
Duty Deferral: Companies can delay paying duties until goods are imported into the U.S. market.
Reduced Tariffs: In some cases, companies may pay lower tariffs or avoid them entirely if the products are exported out of the country.
Streamlined Processes: FTZs help streamline customs procedures and simplify logistics.
Job Creation: FTZs attract companies that create jobs in local communities and support a robust workforce.
The Impact of FTZs
Boosting U.S. Competitiveness: FTZs make it easier for businesses to operate globally, which helps U.S. companies remain competitive in international markets.
Economic Growth: FTZs contribute to local and national economies by encouraging investment and creating job opportunities.
Supporting Global Trade: With increasing globalization, FTZs help U.S. companies access foreign markets with fewer barriers, improving the speed and efficiency of their operations.
Join the Celebration
National FTZ Day is not just about recognizing the advantages of FTZs but also about acknowledging the businesses and individuals who make global trade a reality. We encourage everyone-business owners, trade professionals, and policy makers-to get involved by:
Hosting a Virtual Event: Celebrate National FTZ Day with webinars, panel discussions, or presentations highlighting the significance of FTZs in your community.
Social Media Campaign: Spread awareness by sharing your FTZ success stories or the impact of FTZs on your business using the hashtag #NationalFTZDay.
Educational Outreach: Organize talks or webinars to educate local businesses about the benefits of using FTZs to optimize their international trade activities.
Why February 14?
February 14th was chosen as National FTZ Day to symbolize the unification of global trade and the synergy between economies. Just like Valentine's Day celebrates connection and partnership, National FTZ Day celebrates the partnerships between businesses and the global marketplace-helping foster stronger trade relationships and support for the American economy.
How You Can Get Involved
Support FTZ Initiatives: Encourage local businesses to learn more about FTZs and how they can benefit from them.
Advocate for FTZs: Engage with policymakers and support initiatives that aim to expand FTZ opportunities across the country.
Celebrate FTZ Success: Share your success stories on social media and tag your partners who have used FTZs to enhance their trade operations.
Let's Celebrate!
On February 14, take a moment to reflect on the ways Foreign-Trade Zones have contributed to economic growth, help shape the global landscape of trade, and paved the way for the success of countless businesses.
Happy National FTZ Day!
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