ABSTRACT

U.S. Foreign-Trade Zone (FTZ) Program [Updated February 26, 2020]   [open pdf - 483KB]

From the Document: "Congress passed the U.S. Foreign-Trade Zone Act (P.L. 73- 397, 19 U.S.C. §§81[a-u]) in 1934, which authorized the creation of the FTZ [Foreign-Trade Zone] Program. The intent of the program was to encourage international trade and increase U.S. exports. FTZs are designated areas of the United States into which zone users may import goods duty-free, subject to certain requirements, for warehousing or production purposes within the zones. Duties are collected when goods leave the zones for consumption in the United States and not when exported. Similar programs exist in many other countries. The FTZ Act assigns administrative duties to the FTZ Board, which establishes, operates, and maintains FTZs. The FTZ Board is chaired by the Secretary of Commerce. The Secretary of the Treasury serves as the Board's executive officer. The Secretary of Commerce appoints the Executive Secretary, who is supported by a staff of eight. The Department of Homeland Security's Customs and Border Protection (CBP) advises the Board and enforces regulations, including protection and collection of tariff revenue."

Report Number:
CRS In Focus, IF11348
Author:
Publisher:
Date:
2020-02-26
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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