MIA foreign trade zone opens its doors
Date: Friday, February 16, 2018
Source: Air Cargo World
Last week, the U.S. Department of Commerce granted Miami International Airport (MIA) designation as a Foreign Trade Zone (FTZ) magnet site, an expansion of the county’s already-existing FTZ.
Under the designation, the entire 3,230-acre site of MIA, operated by the Miami-Dade Aviation Department (MDAD), is now included under what is known as “FTZ 281.”
This approval comes six years after the establishment of FTZ 281 by the U.S. Department of Commerce, which allowed importers and exporters doing business within the zone to reduce or eliminate customs duties. MIA said it hoped the magnet site designation will help attract prospective companies involved in the warehousing and processing or manufacturing of materials, that wish to operate with federal tariffs reduced or lifted.
Pharmaceuticals, electronics, textiles, footwear, auto parts, machinery equipment and perishables make up most of the movement and production flowing through the MIA air hub. Prior to gaining its FTZ status, MIA was named the first pharma freight hub in the U.S. and the second in the world, in 2015. In 2016, the value of international freight at MIA rose eight percent to US$57.3 billion, according to U.S. Department of Commerce data.
Joseph Napoli, the MDAD chief of staff said, “Our FTZ magnet site approval dovetails perfectly with our growth strategy as one of the world’s leading pharma hubs, as well as our efforts to become the e-commerce hub of the Americas.”
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