How to Take Advantage of Foreign Trade Zones and Bonded Warehouses
Duration : 60 Minutes
For more than 20 years, Douglas Cohen has been at the forefront of international trade and transactions. With positions in private law practice, the US Department of Commerce, the European Union, IATA, and American Airlines, Mr. Cohen has developed significant expertise in import-export compliance, international negotiations, intellectual property, and Internet laws. At present, he is Senior Manager for Global Trade & Contracts at Worldwide Trade & Legal Associates, where he provides legal and strategic advice to organizations seeking to enter or expand foreign markets.
Mr. Cohen has been asked to teach university courses and corporate seminars on international business and law in the US, Europe, Asia, and the Middle East. He is the author of numerous publications on Internet law, international contract negotiations, intellectual property protection, and import-export operations and compliance.
Foreign-trade zones (FTZs) and bonded warehouses are two of the most effective tools for manufacturers and importers to avoid, reduce or defer duties. An FTZ is a geographical area in a US port of entry, where merchandise can be loaded, handled, stored, manipulated, manufactured, and exhibited, without being subject to Customs duties. Duties are only accessed when the merchandise is taken out of the FTZ or re-exported. This tariff relief is designed to lower the costs of US-based operations engaged in international trade. Any company in any industry may apply to be a part of an FTZ. A bonded warehouse is a building in which dutiable goods may be stored, manipulated, exhibited without payment of duty. Companies must provide a customs bond to the government for the deferred duties.
This webinar will explore the uses of FTZs and bonded warehouses, how to set them up and operate them, and how to determine their practicality and effectiveness for your business.
Learn how to take advantage of the benefits of foreign trade zones (FTZs) and bonded warehouses, such as improved cash flow, lower costs, improved inventory management, increased visibility of the supply chain, improve customs compliance. It is a way to reduce costs, save money, and run a more efficient inventory control. Many importers are unaware of the benefits and opportunities available in using these alternative import methods.
Who Should Attend
- Compliance Managers
- Legal Departments
- Logistics and Shipping Personnel
- Chambers of Commerce
- Foreign Trade Offices
- Customs Personnel
- Supply Chain Managers
- Overview of FTZs and bonded warehouses
- Status of goods entering an FTZ
- Reducing, eliminating and deferring duties in an FTZ
- General-purpose zones vs. private subzones
- Permitted activities
- FTZ benefits
- Privileged foreign, non-privileged foreign and zone-restricted merchandise
- Classes of bonded warehouses
- Speaker: DOUGLAS COHEN
- Webinar Code: DOCO-0002