Norwich, NY (WBNG Binghamton) Chenango County can now engage its economy on a more global scale.
Commerce Chenango announced the establishment of Foreign Trade Zone.
FTZ's are designed to lower the costs of U.S.-based operations that are engaged in international trade.
Commerce Chenango submitted the application on behalf of the county. It was granted authority to establish the foreign trade zone this week.
"Not a lot of counties have it. If you look at New York State, until Tuesday there were only nine other counties that have foreign trade zones in the state of New York," said Commerce Chenango President Steve Craig.
Companies operating in an FTZ don't pay tariffs or duty fees on foreign goods or materials brought in until they're processed and ready for sale in the domestic marketplace.
CWS is a packaging business which brings in foreign goods to process. With lower trade costs, CWS hopes to attract bigger or larger customers.
"But there's also going to be goods that we need supply as part of the process ourselves and many of those goods we do source locally so the trickle down effect to a local level is going to be quite dramatic from what we've seen," said Jason Lasicki with CWS.
Craig believes the foreign trade zone status will help attract more manufacturers to locate in Chenango County.