Tampa Bay’s Foreign Trade Zone (FTZ) No. 79 and the Free Zones Association of Panama recently signed a memorandum of understanding (MOU) to work collaboratively to promote international trade by using their respective FTZ programs as catalysts.

The MOU signifies commits the Tampa Bay and Panamanian parties to promoting information and commercial exchanges and new business opportunities, domestic and foreign investment in FTZs, international trade competitiveness, and the transfer of new technology to improve manufacturing for global markets.

“Tampa Bay continues to build a strong platform to help the import/export business community succeed in the arena of international trade and logistics,” said Wade Elliott, chairman and president of FTZ No. 79. “The signing of this MOU enhances the Tampa Bay FTZ program and strengthens the ability of the Tampa Bay import and export community to be competitive in the international marketplace.”

FTZs allow companies to postpone or avoid duties and fees by considering goods brought into the zones as not having entered the customs area of the United States. In 2013, U.S. FTZs handled nearly $80 billion in exports and over $800 billion in total trade.

“Companies in Tampa Bay will be able to leverage the benefits of the FTZ No. 79 program,” added Torrey Chambliss, FTZ No. 79 administrator, “and also the benefits of FTZs in Panama, to improve and add value to their overall supply chain.”