Foreign Trade Zone admits first shipment

The Springfield Foreign Trade Zone located at the Springfield-Branson Re-gional Airport Jan. 22 admitted its first shipment. According to an FTZ news release, the shipment belongs to Bass Pro Shops. The shipment, which contains retail items, will be stored in the FTZ until Bass Pro is ready to use it. Customs duty payment on the shipment will be deferred until the items are re-moved from the zone and they enter the commerce of the United States.

The Springfield-Branson Regional Airport Board received a grant of authority to establish, operate, and maintain a general-purpose FTZ in August 1997 as an economic development incentive for businesses in this region.

The FTZ received approval to open for business from the U.S. Customs Service December 3, 2001.

Foreign trade zones are secured areas within the United States that for duty purposes are considered outside customs territory. FTZs provide financial benefits including duty deferral, duty elimination on re-exported shipments, and reduced security and insurance costs.