WATERVILLE, Maine (AP) _ An economic development organization in Waterville, Maine, hopes expanding the city's foreign trade zone will help companies better compete in a global economy, but businesses so far are taking a wait-and-see approach.
Foreign trade zones are in the United States but considered outside the country for customs purposes, allowing companies to reduce duties on imported products and eliminate them on exports.
The Kennebec Journalreports that the Central Maine Growth Council expects to get approval from federal regulators soon to establish a trade zone that covers eight counties from the southern end of Somerset County down to Portland. It hasn't signed up any businesses yet, but has contacted about a dozen of the 200 companies in the area that import foreign materials or products.