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MIAMI: February 15, 2018. The U.S. Department of Commerce has designated Miami International Airport's entire 3,230-acre land parcel as a Foreign Trade Zone (FTZ) magnet site.

MIA FTZThe Miami-Dade Aviation Department (MDAD) says the designation allows existing or prospective airport tenants to operate manufacturing or distribution centers and have their federal tariffs deferred, reduced or eliminated.

To qualify for FTZ status, companies apply to PortMiami and then receive approval from U.S. Customs and Border Protection in 30 days or less. PortMiami director and CEO Juan M. Kuryla commented: "Adding MIA as a magnet site is a huge accomplishment. It makes Miami a more competitive global gateway for growing international trade and commerce in Miami-Dade County."

The airport says FTZ commodities will include pharmaceuticals, electronics, textiles, footwear, auto parts, aircraft parts, avionics, machinery equipment, consumer goods and perishables.

"The MIA FTZ creates an attractive business opportunity for companies to begin or expand their operations directly on-site at the passenger and cargo gateway of the Americas," said Miami-Dade County Mayor Carlos A. Gimenez.

"Our FTZ magnet site approval dovetails perfectly with our growth strategy as one of the world's leading pharma hubs, as well as our efforts to become the e-commerce hub of the Americas," added department Chief of Staff Joseph Napoli.

In 2016 MIA's trade by air was valued at US$57.3 billion - 92 percent of the value of Florida's total air trade and 40 percent of the State's total (air and sea) international trade. Meanwhile the airport's pharma trade has risen from US$1.8 billion in 2010 to US$4.4 billion in 2016.

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