Foreign Trade Zone Overview
The U.S. Foreign Trade Zone Program is one of the nation’s earliest attempts to stimulate economic development and facilitate global trade and commerce. The U.S. Congress passed the Foreign Trade Zone Act in 1934. The Foreign Trade Zone program has enhanced global competitiveness for U.S.-based companies, particularly for firms engaged in manufacturing or production.
The Port of Corpus Christi, grantee of FTZ #122, received the Foreign Trade Zone grant of authority from the federal government in 1985 and became the first continental zone to have an oil refinery subzone. The Foreign Trade Zones Board initiated an optional management process call Alternative Site Framework (ASF). On July 16, 2013, Port Corpus Christi was approved to utilize the ASF benefits. Under ASF, companies located within the approved service area can now quickly and inexpensively be designated with FTZ status. FTZ #122 is one of the largest zones, encompassing almost 25,000 acres with three active general purpose areas and 14 active subzones. A general purpose zone is and is usually used for warehouse and distribution, whereas a subzone is approved for use by one company for a specific activity.