Share This Article:
The Port of San Diego recently received approval from U.S. Customs and Border Protection and the City of San Diego to activate a Foreign Trade Zone (FTZ) at the Tenth Avenue Marine Terminal.
Support Times of San Diego's growth
with a small monthly contribution
As an FTZ, the terminal is a secured, designated location where foreign and domestic merchandise is generally considered to be in international commerce and outside of U.S. customs territory.
With its activation as an FTZ, Port officials say they can offer numerous benefits to businesses, including logistics, duty reduction and deferral and other cost savings.
Duty deferral, for instance, allows for savings until cargo is imported and exported to and from the U.S.
Companies also will receive reductions in merchandise processing fees due to a single customs entry per week. In addition, equipment manufacturers will have the option to assemble various components of a project, securing additional savings as a duty drawback.
“The Port is a conscientious innovator that leverages our unique expertise, forward-thinking solutions and relationships to expand opportunities for businesses. By becoming a Foreign Trade Zone, we are enhancing our capabilities and become more appealing to potential customers,” said Ann Moore, chair of the Port of San Diego Board of Port Commissioners. “Maritime industrial activities play an important role in the region’s economy. We expect this new offering to bring more business opportunities to San Diego, which is always a good thing!”
The San Diego region has 19 FTZ sites. Most operate out of warehouses.
The Port of San Diego is the only cargo terminal in San Diego County that offers a waterborne component with access to ships. The 96-acre Tenth Avenue Marine Terminal is particularly popular for project cargo, wind power and breakbulk commodities.
The Port of San Diego also includes the National City Marine Terminal (NCMT) and is a natural, deep-water, protected harbor. The port services goods movement to and from Mexico, Central and South America, Asia, Australia, Canada and Europe.
It is also one of 17 commercial ports designated as a strategic port for national defense. That allows the military access to marine terminals and cargo-handling facilities with 48-hours notice during times of national emergency.
– Staff reports
>> Subscribe to Times of San Diego’s free daily email newsletter! Click here
Follow Us:
"port" - Google News
July 31, 2020 at 11:20PM
https://ift.tt/30dSCrd
Port Sees Opportunity As Tenth Avenue Terminal Named a Foreign Trade Zone - Times of San Diego
"port" - Google News
https://ift.tt/2VXul6u
https://ift.tt/2WmIhpL
No comments:
Post a Comment