| Offices : Beckley • Charleston • Fairmont • Martinsburg • Washington, DC | E-mail Senator Rockefeller |
March 16, 2000
ROCKEFELLER SAYS MARTINSBURG AREA DESIGNATED AS A FOREIGN TRADE ZONE
WASHINGTON, D.C. —U.S. Senator Jay Rockefeller (D-WV) today said that the U.S. Department of Commerce recently designated the Martinsburg area as Foreign Trade Zone, creating new opportunities to attract foreign investment and boost trade in the state. The West Virginia Economic Development Authority requested the designation in early 1999 and Rockefeller urged the Commerce Department to approve their request.
Rockefeller said, "This designation is exciting news because it will open new trade and investment doors in our state. The trade zone will create new business opportunities not just in the Martinsburg area, but across the state."
Foreign trade or free trade zones are secure areas inside the United States' borders considered outside the nation's customs territory. The zones offer companies the ability to defer, reduce, or eliminate costly custom duties on products brought into the United States for manufacturing and distribution. While in a trade zone, merchandise is not subject to U.S. duty or excise tax. Goods may be exported from a zone without duty and tax.
Rockefeller continued, "Throughout the country, foreign trade zones have proven incredibly successful in helping companies increase profitability and allowing local economic development authorities to attract international investment. The new zone in Martinsburg will make West Virginia more attractive to businesses by reducing the costs of producing products with foreign parts or materials."
More than $140 billion in merchandise moves through foreign trade zones each year. There are currently more than 200,000 American workers employed in such zones.
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