St. Louis City, County Gain Upgraded Foreign Trade Zone Status
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ST. LOUIS (KMOX) - Under a new designation announced Monday, local manufacturing and distribution companies will have greater opportunity to compete globally.
The program is an expanded version of the Foreign Trade Zone (FTZ) called Alternative Site Framework.
“We must provide our businesses every opportunity to succeed locally and globally,” said St. Louis Mayor Francis Slay during a morning press conference at Sunset Transportation in south city. “The expanded Foreign Trade Zone program gives our business community a competitive edge and positions the region as a business-friendly place to locate and expand.”
In addition to reducing global supply chain costs and improving the bottom line, the designation allows new and existing companies within the city and county to secure FTZ status within as little as one month’s time.
Without the program it can take up to a year to secure or expand one’s FTZ status.
In October 2010, St. Louis County Executive Charlie A. Dooley and Mayor Francis Slay signed a letter of agreement to expand the competitive advantages of the FTZ for new and existing companies.
Less than a year later, the U.S. Department of Commerce Foreign Trade Zone Board approved the joint application submitted by St. Louis County Port Authority on behalf of the city and county, which establishes all of the county and city at FTZ-ready.
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