FedEx Logistics to Open FTZ in El Paso
FedEx Logistics has announced plans to open a new Foreign Trade Zone (FTZ) in El Paso, Texas, near the border with Mexico.
The new FTZ is to complement its other ones in Los Angeles, New York, Dallas and Chicago. An FTZ enables importers and exporters shipping their goods into the U.S. to benefit from a range of duty and tax incentives and at the same time reduce costs and inefficiencies. This one has warehousing and a logistics hub on the site.
The FTZ in El Paso, while physically on U.S. soil, is treated as if it is located outside of the country from a customs point of view.
“This new Foreign Trade Zone’s business-friendly regulations and first-class logistics infrastructure can give our customers the edge they need to succeed in the competitive global market,” explained Udo Lange, president and CEO of FedEx Logistics.
“Trade is the lifeblood of the global economy, so FedEx Logistics is delighted to give businesses another way to tap into suppliers and markets and ultimately, new sources of revenue and growth all over the world.”