New Strategy to Aid Puerto Rican Commerce

Present tax incentives encouraging partnerships between U.S. continental companies and Puerto Rico will be phased out by 2005. At the Summit, the Puerto Rican government’s suggestion is to amend Section 956 of the U.S. Internal Revenue Code to permit the island’s present trade relationship.

Reasons for meeting at Jacksonville include the fact, as Rick Ferrin, the Port’s executive director, notes, “Trade with Puerto Rico is the underpinning of our port and has great impact to the Jacksonville economy.”

With its overall trade at $61 billion a year, Puerto Rico is the seventh largest global trading partner of the U.S.