The latest edition of the Virginia Maritimer magazine features a story about a presentation by Kevin Burwell, the Virginia Port Authority’s Director of Foreign Trade Zone (FTZ) Services, and NAFTZ Treasurer, at the November 2011 World Free Zone Convention held in Shanghai, China. More than 35 countries were represented and the Mayor of the Shanghai Municipality hosted the Opening Ceremony.
Burwell highlighted Virginia’s use of the FTZ program to strengthen its economy by increasing imports and exports. He explained the history and importance of the FTZ program, and how it allows producers and exports in the United States to defer, eliminate or reduce tariff duties through activity in an FTZ. Because of the FTZ program, the Port of Virginia handles nearly 2 million TEUs a year.
Burwell’s portrayal of zone benefits concluded in detailing the export growth in zones, which has outpaced overall growth of exports in the United States. As stated in the article, “Zones help our customers compete globally, while acting locally, and therefore increase the amount of cargo moving through our port and results in more Virginians with solid, well-paying jobs.”
To view a full description of Burwell’s speech, please click here.