Tuesday, May 25, 2010

Port of Grays Harbor Gets FTZ Expansion

The United States Customs and Border Protection has approved the expansion of Foreign Trade Zone No. 173 at the Washington state Port of Grays Harbor.

Under the approved CBP plan, the port's FTZ – which now covers 587 acres of land and buildings located throughout Grays Harbor County – will be expanded to cover the port's new Westway Terminals liquid bulk storage facility.

FTZs, as designated by the federal government, are geographic areas – typically in or adjacent to US ports of entry – where imported products may be held without being subject to import duties or other ad valorem taxes, and then exported outside the US.

Grays Harbor port officials said that the FTZ would allow Westway to import liquid bulk products from overseas, store them within the terminal facility, and then export the products without being subject to importation duties and taxes.

Port officials told the Daily World that Westway wanted the FTZ expansion, but the firm has not yet decided if it will take advantage of the designation.