The Miami-Dade Aviation Department (MDAD) has gained final approval from the US Department of Commerce to designate Miami International Airport´s entire 3,230-acre land parcel as a Foreign Trade Zone (FTZ) magnet site, the company said.
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 — providing time and cost savings for approved importers and exporters.
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.
FTZ 281 encompasses land from S.W. 8th Street to the Broward County line, and from Miami Beach in the east to the Urban Development line in the west. companies within an FTZ are able to defer paying duties only when product exits the site, reduce duties on combined finished products instead of on each individual product, and eliminate duties on products being imported to the site and then exported.
Miami International Airport offers more flights to Latin America and the Caribbean than any other US airport, is America´s third-busiest airport for international passengers, boasts a lineup of more than 100 air carriers and is the top US airport for international freight. MIA, along with its general aviation airports, is also the economic engine for Miami-Dade County and the state of Florida, generating business revenue of USD 33.7 billion annually and welcoming 70 percent of all international visitors to Florida. MIA´s vision is to grow from a recognized hemispheric hub to a global airport of choice that offers customers a world-class experience and an expanded route network with direct passenger and cargo access to all world regions. MIA is committed to sustainable practices. Learn more at www.MIAefficiency.com.