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Word Count: 647
Foreign Trade Zones and Its Economic Beneficiates Throughout the centuries various forms of duty-free areas have existed in many parts of the world to facilitate trade by lessening the effect of custom restrictions This type of free trade is what the United States trade policies are based on Within the theoretical model of free trade world leaders has recognizes the economic beneficiates of free trade world leaders acknowledges that there will be a cost resulting from free trade policy but they are negligible In reality however free trade has benefits and costs No doubt the benefits far outweigh the costs however the costs are very real The United States Foreign-Trade Zone policy allows the United States economy to enjoy relatively greater benefits from its free trade initiatives The various benefits offered by the Foreign- Trade Zone program make it an effective response to the problems that arise when the 85trillion dollars US economy operates within the changing international environment The US Foreign -Trade Zones program was created by the Foreign -Trade Zone Act of 1934 The Foreign -Trade Act was one of two key pieces of legislation passed in 1934 in an attempt to mitigate some of the destructive effects of the Smoot-Hawley Tariffs which had been imposed in 1930 The Foreign - Trade Zone was created to expedite and encourage foreign commerce in the United States To accomplish this task the United States designated geographical area in adjacent to Customs Ports of entry where commercial merchandise receives the same Customs treatment it would if it were outside the commerce of the United States These special geographic areas were established in or adjacent to US Ports of Entry and are under the supervision of the US Customs Service The FTZ program has grown profoundly over the last 30 years In 1970 there were eight Foreign Trade Zones with three Sub zones in the Untied States Today there are over 230 Foreign - Trade Zone
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