The Foreign Trade Zone (FTZ) 147 hosted an event sponsored by PPL (Pennsylvania Power and Light) Wednesday October 30th at the Eden resort in Lancaster PA. The event had approximately 35 people in attendance, to educate them on the benefits of being in Foreign Trade Zone 147, located in south-central Pennsylvania.
Companies can use Foreign Trade Zones to maintain cost competitiveness of their U.S. operations in relation to their foreign based competitors. Zone status provides an opportunity to reduce certain operating cost associated with the U.S they otherwise wouldn’t have had when operating from a foreign site.
The fundamental benefits of the FTZ program to U.S. based companies are as follows:
- Deferral of duties
- Reduction of duties
- Elimination of duties
- Zone status