DEFINITION
Foreign Trade Zone (FTZ)

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, manufactured, or otherwise manipulated prior to re-export or entry into the country's customs territory. Goods entering an FTZ are included in General Imports but notImports for Consumption. They are considered Imports for Consumption if they leave the FTZ for domestic consumption.

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