BRAZOS COUNTY - The Research Valley Partnership, City of Bryan and Brazos County are pleased to announce Texas Triangle Park and Inland Port, a 1091-acre master-planned industrial park in Brazos County, has been designated as a Foreign-Trade Zone (FTZ) approved by the Foreign-Trade Zones Board. As part of the Port of Houston FTZ 84, Texas Triangle Park and Inland Port is the newest site to be added to this federal program. The designation is effective immediately.
Brazos County Judge Duane Peters commented, "Given Texas Triangle Park's strategic location in one of the fastest growing areas in Texas, FTZ designation is a natural compliment to our overall market advantage. On behalf of Brazos County I would like to thank the Port of Houston and all those involved for making this happen."
Foreign-Trade Zones are designated areas to encourage and expedite U.S. participation in international trade. The zone provides a mechanism for firms to manage their duty payments as the FTZ's are considered outside U.S. Customs territories. Goods received into an FTZ are generally not subject to duties, tariffs, and quotas until, and if, they leave the zone.
"The FTZ program and status helps to attract new businesses, jobs, and investment to the community by helping businesses become more competitive in the global economy. It is hoped this designation will enhance our efforts to attract companies that export which tend to have higher paying jobs for our community," stated Bryan Mayor Jason Bienski.
Specific advantages of Foreign-Trade Zone designation include:
-Since duties are paid for goods when they enter a U.S. Customs territory, a company can manage when duties are paid. In some cases the duties may be totally eliminated.
-Merchandize can be exported out the U.S. duty free.
-Duties for merchandise that is rendered as obsolete, damaged, defected, scrapped or wasted will be reduced or eliminated.