NEW LONDON, Conn. (WTNH) — New London County has expanded their foreign trade zone, a big boost for the economy in southeastern Connecticut.
Before today, just businesses close to the New London state pier were allowed to participate. But that area was just recently expanded to the entire New London County. A foreign trade zone is an area that’s essentially an international free-trade area.
“A foreign trade zone is a great tool for those who deal with goods subject to out tariffs. For manufacturers, it could mean savings and better dealings with offshore manufacturers. For offshore interests, the zone provides another selling point for commercial properties within the county,” Henry Savin, Chair Foreign Trade Zone Commission.
In 2019, the Foreign Trade Commission says Connecticut created up to $750 in exports and employed nearly 2,000 people. With the expansion, they say the state will add more jobs and increase exports.