The U.S. Department of Commerce recently approved the Port of New Orleans’ (Port NOLA) application to expand its Foreign Trade Zone service area to include St. Tammany Parish.
A Foreign Trade Zone is a secure area under U.S. Customs and Border Protection supervision that allows businesses to defer, reduce or even eliminate duties on imported goods. The designation provides companies greater flexibility in supply chain management and encourages international trade.
“This approval marks a significant milestone for Port NOLA and our regional partners,” Beth Branch, Port NOLA president and CEO, said. “By expanding our Foreign Trade Zone into St. Tammany Parish, we are offering businesses another powerful tool to strengthen their competitiveness, increase trade opportunities and ultimately generate new jobs across the region.”
The zone currently covers Orleans, Jefferson and St. Bernard Parishes. Expansion will allow more cargo to move through the port. Expansion also will allow the port and Southeast Louisiana to attract new investment and support regional economic development.
The port and the St. Tammany Economic Development Corp. partnered to support opportunities for growth on the Northshore.
The Port of New Orleans Board of Commissioners administers the zone. There are more than 30 designated usage-driven sites throughout Greater New Orleans.