U.S. Department of Commerce Assistant Secretary for Import Administration, Paul Piquado, today announced the establishment of a new Foreign-Trade Zone (FTZ) in Miami-Dade County at PortMiami, a move that will help improve American businesses' competitive advantage in the global economy. Piquado joined Miami-Dade County Mayor Carlos A. Gimenez, Senator Bill Nelson (D-FL), and other elected officials and community leaders for an official presentation ceremony to announce the FTZ, where he presented the Mayor with an original grant of authority, signed by Acting U.S. Commerce Secretary Rebecca Blank.
"The new Foreign Trade Zone in Miami will provide Florida businesses with new opportunities as they seek to export their products around the world," said Piquado. "Florida businesses have a powerful new tool: those that use the zone will now save substantially on import duties and processing fees in addition to having stronger security measures and faster delivery of goods. This is good news for Florida businesses that will help spur Florida's economic recovery."
"Establishing this new Foreign Trade Zone is crucial in helping local businesses create jobs, stay competitive, and stimulate our regional economy," said Gimenez. "It gives an edge to American businesses as they compete in a global marketplace, and becomes an important component of our efforts to grow PortMiami as an international hub for trade and commerce."
Miami-Dade Commissioner Rebeca Sosa, who chairs the Miami-Dade County Board of County Commissioners' committee which oversees PortMiami, congratulated the Port on the new designation, which will be known as PortMiami Foreign Trade Zone 281.
"This initiative is an example of the entrepreneurial spirit at PortMiami that will help us reach our goal of doubling cargo traffic over the next decade," Sosa said. "We are grateful that the U.S. Department of Commerce agreed with our initiative to create this new mega-FTZ since it will be a great boost to our local and regional economy."
The PortMiami FTZ stretches north from Southwest Eighth Street to the Broward County line. The new zone will be among the nation's first to operate under new, streamlined processes.
U.S. businesses that work within a foreign trade zone can receive, warehouse, and re-export products duty-free, thus reducing costs and helping businesses become more globally competitive. Thousands of businesses each year use foreign trade zones to coordinate foreign and domestic shipments.
The Miami metropolitan area was the 5th largest export market in the United States in 2010, with merchandise shipments totaling $35.9 billion.