June 12, 2007

West Memphis Moves Closer to Foreign Trade Zone Designation

West Memphisai??i?? application to establish a Foreign Trade Zone (FTZ) moved forward as a representative from the Foreign Trade Zone Board recently heard testimony in support of the designation. A West Memphis FTZ would allow domestic activity on foreign items prior to a formal customs entry and essentially allows re-exported merchandise duty-free treatment, while duty payment is deferred on items sold domestically. According to the International Trade Administration of the Department of Commerce, the designation aims to offset ai???customs advantages available to overseas producers.ai???

The City of West Memphis and Arkansas Public Facilities Board applied for FTZ earlier in the year. Currently, there is only one other Foreign Trade Zone in Arkansas.

West Memphis, Arkansas, is a home to industrial parks, distribution centers, and raw property that make prime locations for corporations looking to open a new distribution centers, processing centers, or manufacturing facilities. These properties are convenient to intermodal rail yards, major interstate highway access, deepwater river ports, a major cargo airport, and a MSA population of more than 1 million. Relocating and expanding companies can get vital site selection data and incentive information about these promising locations from West Memphis Economic Development.