With a steady increase in import-export activities by a growing number of companies and manufacturers in North Bay, the Port of San Francisco has approved eligibility for the expansion of the boundaries of its existing Foreign Trade Zone No. 3 to encompass much of Sonoma County, part of Napa County and all of Marin, Solano and Contra Costa counties.
Local manufacturers see this as beneficial process in helping to improve profitability.
A new foreign trade zone will enable North Coast wine exporters to establish strong brands in foreign markets, creating a long-term strategic advantage, while making the export process less expensive and leaving more room for profit.
A federal trade zone is similar to an airport duty-free zone for consumers, but one in which local firms can defer, reduce or eliminate duties on imported, exported or stored goods as they operate under a series of special exemptions and guidelines. [read more]
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