The Foreign-Trade Zones Board has decided not to approve the application from the Port of Iberia District to establish a foreign-trade zone in Iberia Parish, Louisiana. This decision was made because the requirements outlined in the Foreign-Trade Zones Act and the Board's regulations were not met. The application had sought to create a zone using the alternative site framework, aimed at enhancing foreign commerce in the area. The Board's decision was based on recommendations from an examiner's report.
Simple Explanation
The Foreign-Trade Zones Board said "no" to making a special trade zone in Iberia Parish, Louisiana, because the rules weren't followed correctly. They looked at a report that told them there were problems, but they didn't say exactly what those problems were.