Enid City, Oklahoma Gets the OK for a FTZ

A foreign trade zone can be a significant economic development for the city of Enid because it can allow participating businesses to defer or eliminate taxes on imported items.

Matthew S. Weaver, director of marketing and business development for Oklahoma City Free Trade Zone, discussed the benefits during the Enid City Commission study session Tuesday night. Weaver said a foreign trade zone is a customs duty management program created by the federal government in 1934 as part of the New Deal. Its purpose is to expedite trade and help increase global competitiveness of U.S.-based companies.

FTZ 106, located at Will Rogers World Airport, is a grantee and can grant the status to Enid. The city’s plan is to establish the zone at Enid Woodring Regional Airport, to aid in the development of an industrial park there. Weaver said there are cash flow advantages, including lower inventory costs, deferred, reduced or eliminated customs duties (taxes), savings distribution, preferential duty rates and other advantages.

An item allowing the establishment of a foreign trade zone was approved during the regular commission meeting.

To read the full article, please visit Enid News.