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Foreign Trade Zone Enhances Business Opportunities
Phrases like "the global marketplace" and "competitiveness" are more than
buzzwords: they describe the environment faced by businesses throughout the world,
including those in Fort Wayne. To assist local companies in beginning or expanding
their international trade capabilities, in 1990 the Department of Economic
Development petitioned the federal government to designate three foreign trade zones.
This designation was granted in 1991.
A foreign trade zone is an area which is outside the customs jurisdiction of the United
States. Imported goods can enter a foreign trade zone without the payment of duties.
Goods inside a zone are not subject to quotas or Indiana inventory taxes. The goods
can be stored, inspected, destroyed, displayed, repackaged, relabeled or assembled.
Businesses can utilize these options to save money in their international trade
activities.
Because of the cost savings associated with a foreign trade zone, the designation will
benefit Fort Wayne in two ways. First, existing businesses which import or export
will save money by using the zones, making them more competitive in the
international marketplace. Second, the creation of the zones is a powerful marketing
tool to attract new businesses and industry to Fort Wayne.
As the global marketplace becomes even smaller, the Department of Economic
Development will continue its efforts to enhance the international trade position of our
businesses and our community.
7
Object Description
| Title | Annual report (1991) |
| Creator | Fort Wayne (Ind.). Community & Economic Development |
| Topic | Economic Development |
| Subject |
Fort Wayne (Ind.). Community & Economic Development--Periodicals City planning--Indiana--Fort Wayne--Periodicals |
| Geographical Coverage | Fort Wayne, Indiana |
| Date of Original | 1991 |
| Time Period | 1900-1999 |
| Source | Print version: Fort Wayne (Ind.). Community & Economic Development. Annual report. 1991 ed. (Fort Wayne, Ind.: Community & Economic Development, 1991), 25 p. |
| Additional Availability | Print version might be available at IPFW Helmke Library. See online catalog. |
| Relation | Continues: Fort Wayne (Ind.). Division of Community Development & Planning. Community development & planning annual report. |
| Rights | Copyright Indiana University-Purdue University Fort Wayne, 2006- . All rights reserved. May not be reproduced without permission. For information regarding reproduction and use see: http://cdm16776.contentdm.oclc.org/cdm/about/collection/p16776coll1/ |
| Date Digitally Created | April 17 2012 |
| Digital Publisher | Walter E. Helmke Library, Indiana University-Purdue University Fort Wayne |
| Digitization Specifications | This pdf file was derived from black and white 400 dpi, 1-bit uncompressed TIFF images that were scanned from the originals using a Fujitsu 5750C scanner with Adobe Acrobat 9.0 Professional scanning software. |
| Content Type | Text |
| Digital Format | text/pdf |
| Collection | Fort Wayne Area Government Information |
| Identifier | 30000122013463 |
| File Name | 30000122013463.pdf |
Description
| Title | Page 8 |
| Transcript | Foreign Trade Zone Enhances Business Opportunities Phrases like "the global marketplace" and "competitiveness" are more than buzzwords: they describe the environment faced by businesses throughout the world, including those in Fort Wayne. To assist local companies in beginning or expanding their international trade capabilities, in 1990 the Department of Economic Development petitioned the federal government to designate three foreign trade zones. This designation was granted in 1991. A foreign trade zone is an area which is outside the customs jurisdiction of the United States. Imported goods can enter a foreign trade zone without the payment of duties. Goods inside a zone are not subject to quotas or Indiana inventory taxes. The goods can be stored, inspected, destroyed, displayed, repackaged, relabeled or assembled. Businesses can utilize these options to save money in their international trade activities. Because of the cost savings associated with a foreign trade zone, the designation will benefit Fort Wayne in two ways. First, existing businesses which import or export will save money by using the zones, making them more competitive in the international marketplace. Second, the creation of the zones is a powerful marketing tool to attract new businesses and industry to Fort Wayne. As the global marketplace becomes even smaller, the Department of Economic Development will continue its efforts to enhance the international trade position of our businesses and our community. 7 |
