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9 Ariz. cities approved for foreign trade zone

The U.S. Department of Commerce has approved a foreign trade zone for nine communities in the Phoenix area.

Economic development officials say large companies often look for foreign trade zones when seeking to relocate.

Companies in foreign trade zones are able to import and export parts and products while reducing or eliminating customs duties and various taxes.

The federal agency approved the designation in late December.

It covers the entire West Valley from the Phoenix limits.

That’s according to Jack Lunsford, who is president and chief executive of Westmarc, the West Valley business coalition.

Lunsford also heads the Greater Maricopa Foreign Trade Zone Inc., which will administer the zone.

Area city leaders say the designation is a boon to economic development efforts.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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