Wallenius Wilhelmsen’s PCTC readies for wing sail installation
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Vancouver activates FTZ
The port of Vancouver, Washington has activated a Free Trade Zone to support a wind energy customer.
The port of Vancouver in Washington State is a leading US west coast hub for wind energy cargo, handling imported components for wind generation projects in Washington and Oregon, plus the Canadian provinces of Alberta and Saskatchewan.
The port has announced it has “activated Foreign Trade Zone (FTZ) #296”, which one of its wind energy customers will be the first to utilise.
“Foreign Trade Zones (FTZs) are important economic development tools that the port can utilize to help local companies and surrounding communities grow. FTZs offer a temporary duty-free zone to customers who are importing or manufacturing products from globally sourced materials. A duty is a tax levied by governments on the value of imported products. Often individual materials will have a higher duty rate than a finished product. The advantage of an FTZ is that it allows manufacturers to pay duty on the finished product rather than on the individual components, providing significant savings,” the port said.
“As trade evolves, we continue to offer resources to help our customers keep their cargo moving. The activation of FTZ #296 offers another valuable tool for us to utilise so we can help further economic development within Southwest Washington,” said Jim Hagar, Economic Development Project Manager for the Port of Vancouver USA.
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