St. Louis leaders sign trade zone letter
St. Louis Globe-Democrat
October 4, 2010
St. Louis County Executive Charlie A. Dooley and Mayor Francis Slay signed a letter of support today as part of the City and County's joint efforts to restructure the Foreign-Trade Zone (FTZ) under the Alternate Site Framework (ASF). The letter will be delivered to the United States Department of Commerce Foreign-Trade Zone Board later this week. This new FTZ option, which streamlines the Department of Commerce application process, can potentially reduce the processing time from 12 months to one month.
"The expansion of the Foreign-Trade Zone provides the region a real advantage as we continue to work together to develop future job growth through increased economic activity with China and other countries," said Dooley. "When approved, this expansion will allow increased jobs and investment and give our region a stronger presence in the global marketplace."
The St. Louis zone is among the first of 274 zones nationally to apply for this benefit as well as the first Missouri Foreign-Trade Zone to apply. Only 13 of the 274 zones have been approved to date in the U.S. The application has been filed and can take up to eight months to be approved. Businesses in the city and county can apply for the new FTZ option immediately.
"Foreign-Trade Zones are growing in importance as a result of our increasingly global economy. This Foreign Trade Zone application is an important step in leveling the economic playing field. It will make our City's and our County's businesses more competitive, and it shows that the City and County are working together for the region's greater good," said Slay.
