Waterville group seeks expanded foreign trade zone
The Central Maine Growth Council, an economic development organization in Waterville, is seeking to expand the city's foreign trade zone to help Maine companies compete in a global economy.
The Kennebec Journal reported that the council anticipates it will receive very soon federal approval of its proposal to establish a trade zone that would cover the southern end of Somerset County and all of Androscoggin, Cumberland, Kennebec, Knox, Lincoln, Sagadahoc and Waldo counties. Foreign trade zones are in the United States but considered outside the country for customs purposes, the newspaper reported, allowing companies to reduce duties on imported products and eliminate them on exports.
The council has contacted about a dozen of the 200 companies in the area that import foreign materials or products, the newspaper reported.
Waterville is one of five communities in Maine with foreign trade zones — the others being Auburn, Bangor, Brunswick and Madawaska and Waterville — but Madawaska is the only zone being used by a business, according to the newspaper.
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