Bay Brokerage Approved for Foreign Trade Zone in Northern New York
The United States Department of Commerce, Foreign Trade Zone Board has approved Bay Brokerage, Inc. to operate a Foreign Trade Zone at their new site in Jefferson County near the Thousand Island Bridge.
FTZs are considered to be outside of U.S. Customs Territory for the purpose of customs duty payment. Therefore, goods entering FTZs are not subject to customs tariffs until the goods leave the zone and are formally entered into U.S. Customs Territory. Merchandise that is shipped to foreign countries from FTZs is exempt from duty payments.
A variety of activities can be conducted in a zone, including assembling, packaging, destroying, storing, cleaning, exhibiting, re-packing, distributing, sorting, grading, testing, labeling, repairing, combining with foreign or domestic content, or processing.
This Foreign Trade Zone will have numerous advantages for our clients both foreign and domestic while benefiting the local economy