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Rail News Home Rail Industry Trends

10/4/2010



Rail News: Rail Industry Trends

Port of Indiana-Jeffersonville receives expanded foreign trade zone designation


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The U.S. Department of Commerce recently approved a new foreign trade zone designation for the Port of Indiana-Jeffersonville that expands Foreign Trade Zone #170 from 1,000 acres to a six-county area and streamlines the process for businesses to apply for a zone. This is the first foreign trade zone in Indiana to be approved for the new program and the 13th nationwide.

“The foreign trade zone program will increase trade, bring new business to southern Indiana and ensure the Port of Indiana-Jeffersonville continues to serve as a gateway to the Midwest,” said Indiana Congressman Baron Hill.

Foreign trade zones are restricted-access areas that are considered outside of U.S. Customs and Border Patrol territory. Companies within foreign trade zone sites may be entitled to reduce or delay customs duties payments on foreign products brought into a zone, making the company more cost-competitive with overseas facilities, Port of Indiana-Jeffersonville officials said in a prepared statement.


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