Maryland’s most active foreign trade zone will add Howard and Queen Anne’s counties to the designated area that already includes Baltimore City and Anne Arundel, Baltimore, Cecil and Harford counties, according to the Baltimore Development Corp., which administers this zone.
Foreign trade zones are areas where international goods can be stored and turned into products without becoming subject to taxes or duties until they are put on the U.S. market. They can also be re-exported. The U.S. Department of Commerce approved the zone’s expansion to Howard and Queen Anne’s.
“The Foreign Trade Zone program assists companies doing business globally by deferring certain taxes until their products are ready for the U.S. markets, therefore improving their cash-flow,” said William H. Cole, president and CEO of the BDC, in a statement. “FTZ #74 helps increase activity at the already vibrant Port of Baltimore, which is an important economic engine for the Baltimore region as well as the State of Maryland. Howard and Queen Anne’s counties are a welcome addition to Baltimore’s Foreign Trade Zone.”
The zone is one of four in Maryland and has 18 operators managing facilities supporting 193 warehouse and distribution companies in their service areas. The zone directly supports more than 750 jobs, according to the BDC.
The economic development agency cited a report by the Foreign-Trade Zones Board that found Maryland ranked eighth nationwide in zone merchandise received.