Brunswick Landing Gains Foreign Trade Zone Status
Brunswick, ME — The Midcoast Regional Redevelopment Authority is pleased to announce that a 394-acre parcel of Brunswick Landing has been designated as a Foreign-Trade Zone (FTZ), by the U.S. Department of Commerce. There are now five FTZs in Maine. Other Maine cities with designated Foreign-Trade Zones include Bangor, Auburn, Madawaska and Waterville.
The establishment of Brunswick Landing as an FTZ port of entry is a huge benefit to businesses that are, or will be, located at Brunswick Landing and involved with international trade. These firms will be able to take advantage of duty-free treatment of materials from abroad that are processed within the FTZ, or defer payment of duties on items that are processed within the FTZ and shipped out for sale in the U.S. According to the U.S. Department of Commerce Foreign-Trade Zones Board, the designation “helps to offset customs advantages available to overseas producers to compete with domestic industry.”