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Vt. Northeast Kingdom gets special trade status - WCAX.COM Local Vermont News, Weather and Sports-

Vt. Northeast Kingdom gets special trade status

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ST. JOHNSBURY, Vt. (AP) - All of Vermont's Northeast Kingdom has been granted a special foreign trade zone designation that backers hope will drive more economic development.

Officials say the foreign trade zone will benefit two foreign companies planning to set up shop in Newport as part of a regional economic development initiative, AnC Bio Vermont and Menck Window Systems.

David Snedeker of the Northeastern Vermont Development Association says other companies anywhere in the region can benefit.

He says that companies that qualify can import materials, assemble them and ship them out again without paying tariffs and taxes.

The Caledonian Record reports the zone was granted under a new designation, which allows an entire region to qualify as a foreign trade zone.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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