Foreign Trade Zone Law and Legal Definition
Foreign Trade Zone (FTZ) means “specially licensed commercial and industrial areas in or near ports of entry where foreign and domestic goods, including raw materials, components, and finished goods, may be brought in without being subject to payment of customs duties. Goods brought into these zones may be stored, sold, exhibited, repacked, assembled, sorted, graded, cleaned, or otherwise manipulated prior to reexport or entry into the country's customs territory.” [15 CFR 30.1; Title 15 -- Commerce And Foreign Trade; Subtitle B -- Regulations Relating To Commerce And Foreign Trade; Chapter I -- Bureau Of The Census, Department Of Commerce; Part 30 -- Foreign Trade Regulations; Subpart A -- General Requirements]
