Murrieta, Lake Elsinore and Temecula have been designated as sites for foreign trade zones, where there are no import duties.
According to Tom Freeman, Riverside County Foreign Trade Commissioner, the three cities will have those zones as part of the existing San Diego foreign trade zone.
“The decision by the Foreign Trade Board in Washington allows warehouses to be fenced off as customs-free zones,” Freeman said. “Manufacturers do not have to pay import duties on goods brought into the zones unless they are ``exported'' to the United States, and do not have to pay import taxes on the increased values of the goods added by labor in the U.S.
``Businesses ... will save, potentially, millions of dollars on an annual basis, as this reduces fees and taxes and tariffs on goods brought into the United States,'' Freeman said.
With the expansion of the San Diego zone, Riverside County is now the only county with three zones within its boundaries, Freeman said.
``We're elated the federal government agreed with the county of Riverside and city of San Diego ... this is a tremendous business opportunity,'' Freeman said.
