All of New London County is now part of Foreign Trade Zone #208, which is operated by the New London Foreign Trade Zone Commission. This is an expansion of the original FTZ, which encompassed only the area around State Pier in New London. Now, any business in the county that chooses to be part of the FTZ can defer, reduce, or eliminate customs duties on foreign products that are brought into the zone to be stored, exhibited, assembled, manufactured, processed, cleaned, manipulated, mixed, repaired, relabeled, repackaged, salvaged, sampled, tested, or destroyed.
These benefits are available because a Foreign Trade Zone is considered outside of U.S. Customs territory.
Additionally, FTZ status provides your company with access to streamlined procedures for the import of foreign materials, which can help you deliver your product faster and stay competitive with overseas manufacturers.