The Foreign-Trade Zones (FTZ) Board approved an application to establish a subzone for the Robert Bosch Tool Corporation in West Memphis, Arkansas. The application was submitted by the City of West Memphis, Arkansas Public Facilities Board and was processed in accordance with the FTZ Act and Regulations, including a public comment period. The subzone will operate under the existing activation limit of FTZ 273, which is 341 acres. The approval was issued by Andrew McGilvray, the Executive Secretary of the FTZ Board, on January 7, 2021.
Simple Explanation
The government said, "Yes!" to letting a company called Robert Bosch Tool Corporation use a special area in West Memphis where they can do business with fewer rules, kind of like getting a special pass at a theme park.