MIAMI (Nov. 1, 2013) — Tire Group International L.L.C. has been granted Foreign Trade Zone (FTZ) 281-4 status for its Miami operations, effective Sept. 9.
The designation gives TGI the ability to defer, reduce and even eliminate costly customs duties on products brought into its U.S. distribution center for re-export, the Miami-based wholesaler said.
"We are proud to be one of the first four companies and the only tire distributor in the State of Florida approved to do business within the FTZ 281," said Orlando Delgado, chief operating officer for TGI.
TGI said that in August 2012, the U.S. Department of Commerce granted Miami-Dade County the authority to establish Foreign Trade Zone 281. Foreign trades — or free trade zones (FTZ) — are secure areas under U.S. Customs that are considered outside the Customs territory of the U.S.