WTDC February 1 Newsletter

Temperature Control expansion

WTDC has commenced the expansion of its FTZ Temperature Control Warehousing. We will continue to provide updates through construction and completion. As mentioned in our last newsletter, WTDC’s FTZ business rose 37% in 2015 thanks in part to temperature control services for our Wine and Spirits customers from the Duty-Free and Travel Retail industry.

Reminder: FTZ Annual Report due

FTZ Operators: The Annual Report is due on March 31 and includes all information from January 1 to December 31 of last year. Reports must be submitted via OFIS.

The Foreign Trade Zone Board offers free webinars on the topic of submitting the FTZ annual report. The next webinar is on Wednesday, February 10.

Click here for more information on FTZ Board webinars on Filing an Annual Report

USA & Cuba relations update:

Export Financing & Business Travel

Last week the United States laid out new policy changes in the Export Administration Regulations (EAR) and Cuban Assets and Control Regulations (CACR). Of note to the trade and transportation industries are changing regarding the way products for export to Cuba originating from the United States may be financed, with agricultural products being a noted exception.

The financing of export precedent involved rerouting to a third country and/or cash only payment in full for most commodities, two common factors that many policy changes eliminate. Additional changes release last week include expanding definitions for business interactions with the Cuban people as well as business travel to the island.

U.S. Secretary of Commerce Penny Pritzker said, “…These regulatory changes will also facilitate exports that will help strengthen civil society in Cuba and enhance communications to, from and among the Cuban people. Looking ahead, we will continue to support greater economic independence and increased prosperity for the Cuban people, as we take another step toward building a more open and mutually beneficial relationship between our two nations.” (From Commerce.Gov)