Gateway terminal receives approval to expand foreign trade zone

This approval allows Gateway to expand its previously established FTZ to include approximately 57 acres, comprised of three warehouses totalling 156 000 ft³, a 25 000 f³, covered storage structure, and seven aboveground liquid storage tanks with a total capacity of 632 000 bbl.

Located in or near US Customs and Border Patrol (CBP)-designated ports of entry, FTZs are the US’ version of what are known internationally as free-trade zones.

In an FTZ, foreign and domestic merchandise may be brought into zones for purposes such as storage, assembly, manufacturing, and processing. By operating in an FTZ, businesses can delay paying tariffs or duties on the goods they import. Raw materials shipped to a manufacturer located in an FTZ can be used in developing finished products which can then be exported without being taxed. /p>

“An expanded FTZ status allows Gateway to provide its customers with financial savings and increased operational capacity,” said James Dillman, President of Gateway Terminal. “We are thrilled to offer this strategic advantage and economic benefit to our customers, the City of New Haven, and the State of Connecticut.”

The Greater New Haven Chamber of Commerce was the applicant for the subzone approval and serves as the FTZ’s Grantee.

“An FTZ is a vital resource for cities and states that want to compete in international trade,” said Garrett Sheehan, President of the Greater New Haven Chamber of Commerce. “We’re pleased that the FTZ at Gateway Terminal has been significantly expanded and are excited about the new opportunities for economic development and job growth that the Zone will bring to greater New Haven.”

Read the article online at: https://www.drybulkmagazine.com/dry-bulk/06112019/gateway-terminal-receives-approval-to-expand-foreign-trade-zone/