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Article: Officials mull duty-free trade zone for S. Central; zone could help importers and aid rebuilding efforts. (South Central Los Angeles, California) (Special Report: Foreign Trade)
- Article from:
- Los Angeles Business Journal
- Article date:
- September 28, 1992
- Author:
CopyrightCOPYRIGHT 1992 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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As part of an ambitious plan to turn South Central Los Angeles into a hub for international commerce, Councilwoman Joan Milke Flores' proposal for a general purpose foreign trade zone there is now in the application stage.
Consultants have been recently solicited who might help Los Angeles prepare an application to the Foreign Trade Zone Board in Washington, D.C.
Merchandise held in a foreign trade zone is free of custom duties and penalties. While in the zone, foreign and domestic goods may be stored, bought, sold and enhanced without being subjected to the laws of U.S. Customs. They are subject to duties only if they subsequently are shipped elsewhere in ...