The US Department of Commerce has approved foreign trade zone (FTZ) operations on Miami International Airport’s (MIA) entire 3,230-acre lot.
MIA is operated by the Miami-Dade Aviation Department (MDAD).
The new status of the airport will enable companies to receive and process materials and merchandise with decreased or eliminated customs duties upon entry into the country at MIA.
MDAD staff chief Joseph Napoli said: “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.
“We look forward to opening new doors at MIA within the trade and logistics industries.”
The magnet site is an expansion of Miami-Dade County’s existing FTZ 281 and the designation will allow existing or prospective airport tenants to run manufacturing, warehousing and distribution centres on airport property.
Their federal tariffs will also be deferred, reduced or eliminated.
Miami-Dade County Mayor Carlos Gimenez said: “The MIA FTZ creates a very attractive business opportunity for companies to begin or expand their operations directly on-site at the busiest international airport in Florida.
“Congratulations to the MIA team for achieving this significant milestone, which has strong potential for new business revenue and job creation at MIA and PortMiami, our two largest economic engines.”
Companies handling high-traffic commodities such as pharmaceuticals, electronics, clothing, car or aircraft parts, machinery equipment, consumer goods and perishables at MIA can apply to trade in the FTZ.
An application must be submitted to PortMiami, the grantee of FTZ 281. Following that, companies will have to receive approval from the US Customs and Border Protection.
MIA’s air trade was valued at $57.3bn in 2016, representing 92% of the value of Florida’s total air trade and 40% of the state’s total air and sea trade with the world.