October 17, 2016
In Wilmington, NC last week, people from around the world gathered for the third annual Foreign Trade Promotion Conference at Cape Fear Community College.
WilmingtonBiz reported that a “recent expansion of Foreign Trade Zone 214” was a hot topic of discussion. Vince Winkel reported “Welcome To A Newer, Bigger, Better Trade Zone.” An excerpt:
A Foreign Trade Zone is like a “duty-free” zone for businesses. It’s a secure area in or adjacent to a U.S. Port of Entry, authorized by the federal government. Merchandise of every description may be held in the Foreign Trade Zone without being subject to customs duties or other added value taxes.
Read more from WilmingtonBiz.
Nexsen Pruet’s David Robinson was one of the speakers are the conference and says the FTZ expansion is a big deal for the Tarheel State:
"The new foreign trade zone will be an incredible foreign trade tool for North Carolina. There are many reasons foreign businesses are looking to North Carolina to sell, distribute and in some cases manufacture their products here. And there are an equal number of compelling reasons why NC companies should be constantly scouring the globe for business opportunities. The more we spread the word about this customs management tool the bigger this economic driver will become for both the region and for the State as a whole. Foreign trade creates both jobs and wealth, and more trade creates more jobs and results in greater wealth creation. And the sheer size of the FTZ alone sends a message to the world that North Carolina is and intends to become an even greater force in the global economy."
David Robinson’s law practice is focused on helping businesses succeed in today’s global economy. He is currently serving a five-year term as Honorary Counsel to Japan.