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Foreign-Trade Zone 101

by Mary Rooney | Apr 29, 2019

The Greater Kansas City Foreign-Trade Zone and the World Trade Center-KC hosted an FTZ 101 seminar on April 23. Attendees heard first-hand from local FTZ operators about the benefits, activation steps and operational processes of a Foreign-Trade Zone.

Presenters included:

  • Greg Truby, Kubota Tractor, introduced FTZ terminology and concepts.
  • Scott James, Kawasaki Motors, demonstrated the benefits of an FTZs for companies with a production operation.
  • Jerry Jones, Outdoor Custom Sportswear, covered how an FTZ is useful for textile warehousing operations.
  • Guillermo Lamadrid, Spectrum Brands, discussed the activation process and the importance of safety and security.
  • Elaine Boch, MarksNelson LLC, wrapped it up with details on the FTZ cost benefit analysis.

Elaine also shared helpful info on how to determine if a Foreign-Trade Zone is right for your company:

  • Do you manufacture, assemble or kit with imports?
  • Do you regularly pay more than $508.70 per week in merchandise processing fees?
  • Do you have to wait long periods of time for your imports to be cleared by U.S. Customs at the port?
  • Do you scrap, reject, destroy, waste or return some of your imports? Do you frequently have obsolete merchandise?
  • Are your goods subject to Quota?
  • Do you export previously imported materials?
  • Do you sell your imported products to companies that reside in Foreign-Trade Zones?
  • Is your volume and/or value of goods high on your imports?

Several Foreign-Trade Resources were shared and can be accessed below:

Visit www.gkcftz.com to learn more.

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