DFW International Airport Foreign Trade Zone and Taiwan’s Farglory Free Trade Zone Sign Free Trade Alliance
Collaborative alliance aims to enhance trade between regions, spark new connections between Asia and Texas
Dallas/Fort Worth (DFW) International Airport, operator of DFW Foreign Trade Zone #39, and the Farglory Free Trade Zone of Taiwan signed a free zone trade alliance today which creates a framework for a collaborative alliance between the two organizations. Jeff Fegan, CEO of DFW Airport and Yeh Chun-Yao, Chairman of the Farglory Free Trade Zone signed the agreement. Dallas Deputy Mayor Pro Tem Tennell Atkins, Fort Worth Councilmember Jungus Jordan, DFW Airport Board Chair Robert Hseuh and Chao Teng-Hsiung, Chairman of the Farglory Group, witnessed the signing.
“DFW and the Farglory Free Trade Zone recognize each other as world-class trade zones in our respective regions, so it is an honor to sign our new strategic alliance,” said Fegan. “Both zones are strategically located for the shipment of goods to their respective regions, and both promote efficient trade with excellent facilities with outstanding service.”
The Memorandum of Understanding formalized the establishment of a Free Trade Zone Alliance between the two trade zones, and outlined the exchange of expertise to benefit business and develop new opportunities in global markets.
“This alliance will build more opportunities for businesses to build relationships,” said DFW Airport Board Chair Robert Hsueh. “And when you create new relationships, those efforts can have a positive impact on economic development including increased trade and tourism between both regions.”
Taiwan represents one of Texas’ largest trading partners, exporting over $3 billion worth of goods to each other in the year 2012. Taiwan also accounts for about 25% of all the international air cargo traffic that runs through DFW Airport, making it a key strategic partner for the Airport.
DFW Airport received federal authority to operate an on-site, 2,400-acre Foreign Trade Zone in 1979, and to serve the business community of the Dallas/Fort Worth region. DFW’s primary foreign trade zone is located on-site, comprised of 2,400 acres. The Foreign Trade Zone (FTZ) encourages capital investment in the U.S. through a relief in paying Customs duties and tariffs, ultimately reducing the costs of engaging in international trade.
The DFW Airport Foreign Trade Zone also manages trade zone sub-sites in six counties around the Dallas/Fort Worth area, including Dallas, Tarrant, Kaufman, Denton, Collin and Grayson.
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