Foreign Trade Zone Workshop Press Release

For Immediate Release: May 11, 2021

CONTACT:

CDRPC – Kate Maynard, AICP, Director of Planning and Economic Development,

Foreign Trade Zone Workshop Announced by CDRPC

May 11, 2021 (Albany, NY) The Capital District Regional Planning Commission (CDRPC), the Center for Economic Growth (CEG), and the Port of Albany will host a webinar on Tuesday, May 18th at 10AM to detail the benefits of Capital Region’s Foreign-Trade Zone (FTZ) for importers and operations within a 10-county area. National FTZ experts at ISCM will review facts about the federal FTZ program and provide insights into how it can be used to help businesses save money and be more cost competitive in the marketplace.

Whether you are a company looking to improve your cost competitiveness, or an economic development organization looking for a way to attract local investment, this webinar will show you how this federal program can shave millions from the cost of doing business internationally, and help buffer your organization against abrupt cost increases in a constantly changing trade environment.

WHO SHOULD ATTEND?

Manufacturers that Import and Supply Chain Participants
Business or Economic Development Partners
Commercial Brokers
Warehouse Operators

Registration for the FREE session is available at: capitalregionftz.com.

Kate Maynard, Director of Planning and Economic Development for CDRPC said, “The FTZ-121 program is a powerful tool in our arsenal for sustainable economic growth in the Capital Region. We encourage Importers, organizations working on behalf of businesses that import, economic development professionals to attend and learn more about FTZ.”

Katie Newcombe, Chief Officer for the Center for Economic Growth said, “The presence of a Foreign Trade Zone here gives Capital Region businesses a real advantage in building their supply chains and reaching new markets. The Center for Economic Growth is committed to helping Capital Region manufacturers and the utilization of a Foreign Trade Zone offers significant potential benefit. The webinar is a great way to learn more and get connected to this opportunity.”

A Foreign-Trade Zone is a secured, designated location in the United States, in or near a U.S. Customs Port of Entry, where foreign and domestic merchandise is generally considered to be in international commerce (i.e., outside of the U.S. Customs territory).

The purpose of Foreign-Trade Zones is to stimulate international trade and create jobs and investment in the United States rather than abroad. Foreign merchandise may enter a Foreign-Trade Zone without a formal Customs entry or the payment of Customs duties or government excise taxes. If the final product is exported, no U.S. Customs duties or excise taxes are levied. If the final product is imported into the United States, Customs duties and excise taxes are due only at the time of transfer from the FTZ. If authorization has been granted, the duties paid are the lower of those applicable to the final product itself or its component parts (inverted tariff option).

About:

The Capital District Regional Planning Commission (CDRPC) administers the Capital Region’s 10-county Foreign Trade Zone-121 as part of its regional economic development programming. The FTZ 121 service area includes Albany, Rensselaer, Saratoga, Schenectady, Columbia, Greene, Fulton, Montgomery, Warren, and Washington Counties. Additional information is available at captialregionftz.com or by contacting Kate.maynard@cdrpc.org. Established and funded, in part, by Albany, Rensselaer, and Saratoga and Schenectady Counties, CDRPC provides technical assistance and facilitates partnerships to address regional problems. For more information, visit cdrpc.org.

The Center for Economic Growth (CEG) is dedicated to driving economic growth in New York’s eight-county, 1.1-million-person Capital Region. As the nonprofit regional economic development organization, we do this by attracting investment and talent; growing manufacturing and workforce capabilities, leveraging industry clusters, and developing the entrepreneurial ecosystem. We serve as a catalyst and work with partners and stakeholders to prepare the region to compete and move high-impact strategies and projects forward. An affiliate of the Capital Region Chamber, CEG is supported by investors in business, government, education, and the nonprofit sectors who are committed to sustainable economic growth and shared prosperity. For more information, visit www.ceg.org.

ISCM is a Washington, DC based consulting firm with unmatched experience in Foreign-Trade Zone (FTZ) applications, setup, technology, and regulatory agency insight.

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