The Zanesville Muskingum County Port Authority hopes a new designation will be a tool to bring business to our area.
At Wednesday’s meeting the port met with the Columbus Regional Port Authority about becoming part of Foreign Trade Zone number 138, which includes the Rickenbacker area.
"A foreign trade zone is an area designated outside the stream of U.S. commerce. By being in a foreign trade zone you can delay or reduce or eliminate duties for companies," explained Zanesville-Muskingum Port Authority Executive Director Mike Jacoby.
A duty is essentially a tax or a fee that importers of good to the country pay. Only a small percentage of businesses fall under the designation, but it could make a big difference if those companies import enough.
"It remains to be seen what the benefit will be," said Jacoby. "What it is, is a tool to help us with existing companies or bring in new companies."
The Columbus Port has been pushing for the new Foreign Trade Area for the last year because of the limited market in their area.