Foreign Trade Zone Conference Shows Businesses, Manufacturers Cost Savings

Sheldon Hall at SUNY Oswego was the site of a free information session, Wednesday, Nov. 20, for local businesses to learn about the advantages of working with a foreign trade zone (FTZ), said William, Scriber, POA executive director and CEO. The panel of presenters included, from left: Scriber, Betty Ryan, international trade compliance specialist, Xylem Inc.; Robert Stein, vice president, Braumiller Consulting Group; Cindi Kavanaugh, senior consultant, Mohawk Global Trade Advisors; and Len Rauch, senior economic development specialist, Onondaga County Office of Development/Foreign Trade Zone 90. Photo: Operation Oswego County

OSWEGO, NY – Sheldon Hall at SUNY Oswego was the site of a free information session, Wednesday, Nov. 20, for local businesses to learn about the advantages of working with a foreign trade zone (FTZ), said William, Scriber, POA executive director and CEO. FTZs are land areas within the United States that are legally considered outside of the United States Customs and Border Protection Agency’s authority. Merchandise can be imported to these zones and allow companies to save time and money on duties, tariffs and production costs.

 “We had a wonderful cross-section of central New York businesses and industries attend this successful event,” Scriber said. It was a lively session that was chock-full of information that these businesses could use to apply for an FTZ or take advantage of an FTZ. I also want to extend a special thank you to SUNY Oswego for their assistance in providing the venue, free parking, and logistical assistance to make this event possible. I’d also like to thank Operation Oswego County and the Greater Oswego-Fulton Chamber of Commerce for promoting our event and assisting with registration.”

 The session was a joint presentation by the POA, which is also an FTZ, Operation Oswego County, the Onondaga County Office of Economic Development, (OCOED) the Greater Oswego-Fulton Chamber of Commerce, and SUNY Oswego. OCOED oversees Onondaga County’s umbrella Foreign Trade Zone 90, (FTZ 90) which serves Oswego, Onondaga, Cayuga, and Madison counties.

 Speakers included Scriber, Leonard Rauch, senior economic development specialist, Onondaga County Office of Development/FTZ 90, Cindi Kavanaugh, senior consultant, Mohawk Global Trade Advisors, Betty Ryan, international trade compliance specialist, Xylem Inc; and Robert Stein, vice president, Braumiller Consulting Group who also served as moderator.

  “It was gratifying to see so many of our strategic partners receive this valuable information on FTZs that offer so many benefits to our local businesses,” said Austin Wheelock, executive director, Operation Oswego County. “I am certain it was time well spent on a resource to help businesses that is close at-hand.”

 “In an FTZ, businesses pay no duty while in an FTZ until products are released for consumption,” Scriber said.  “This helps cash flow because there is no outlay for duty while they are being stored, and in most cases, when goods are sold after FTZ storage, the seller will have cash in-hand before releasing them. FTZs allow for no duties and federal excise taxes to be paid until a finished product is brought from the FTZ to the domestic market territory or a North American Free Trade agreement ( NAFTA), country.”

According to the National Association of Foreign-Trade Zones, there are 191 active FTZs in all 50 states and Puerto Rico. More than 3,200 companies currently utilize the program.

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