Miami Airport. Foreign Trade Zone cleared for landing
US DoC approves FTZ operations on MIA property
The Miami-Dade Aviation Department (MDAD) gained last week final approval from the US Department of Commerce (DoC) to designate Miami International Airport’s entire 3,230-acre land parcel as a Foreign Trade Zone (FTZ) magnet site. The magnet site designation allows existing or prospective airport tenants to operate manufacturing, warehousing and/or distribution centers on airport property, and have their federal tariffs deferred, reduced or eliminated.
The new magnet site -an expansion of Miami-Dade County’s existing FTZ 281- will allow companies to receive and process materials and merchandise with reduced or eliminated Customs duties upon entry into the country at MIA.
In 2016, MIA’s air trade was valued at $57.3 billion, representing 92 percent of the value of Florida’s total air trade and 40 percent of the State’s total (air and sea) trade with the world.
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