free trade zone

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Also found in: Acronyms.

Free Trade Zone

An area, especially consisting of two or more countries, in which there are few or no tariffs or other trade barriers discouraging international trade. For example, the countries in a free trade zone do not subsidize favored industries in order to make them less expensive compared to international competitors. Proponents of free trade argue that it is more economically efficient and helps consumers by promoting competition to keep prices low. Critics contend that free trade is detrimental to local jobs, especially in the developed world. For example, Canada, Mexico and the United States form a free trade zone because they are all members of NAFTA.

free trade zone

see FREEPORT.

free trade zone

or

freeport

a designated area within the immediate hinterland of an air or shipping port into which IMPORTS are allowed without payment of IMPORT DUTY (TARIFFS), provided the goods are to be subsequently exported (see EXPORTS) either in their original form or as intermediate products within a final good. See ENTREPOT TRADE.
References in periodicals archive ?
Elahi said that the business community has always played a significant role in progress and prosperity of the country adding various gas industrial estates and export processing zones were working
A spokesman of the Faisalabad Industrial Estate Development Management Company (FIEDMC) while talking to reporter on Sunday said that negotiations are also being finalized with Export Processing Zone Authority (EPZA) for the establishment of EPZ at M-3 Industrial Estate.
KARACHI -- President of PakKashmir Business Forum Sardar Maqbool Zaman has stressed the need for setting up an export processing zone in Azad Jammu and Kashmir (AJK) to facilitate the traders and boost local manufacturing, trading and export sectors.
The establishment of Export Processing Zone in Pakistan was decided by the Cabinet in March, 1979.
in Nantze Export Processing Zone in Kaohsiung Taiwan.
The latter plans to switch over 50% of its capacity for lens production to its plants in Tantz export processing zone in Taichung City, central Taiwan.
Export Processing Zone Authority has established seven zones to promote industrialization and increase foreign exchange earnings.
ModusLink takes a very strategic approach to deciding when and where expansion will take place, as evidenced by our deployment in advantageous, high-value areas such as the Caohejing Export Processing Zone (EPZ) where our clients can maximize the potential of China's trade policies and infrastructure.
The market, whose design has already been done, will sit on 30 acres of land donated by the Export Processing Zone and its construction will be financed by the government.
5 hectares of land with an estimated covered area of 100,000 square metres in Beihai's Export Processing Zone, which could accommodate engineered-wood production and other value-added processing.
SIALKOT -- Collector Customs Sialkot Qurban Ali Khan assured an early activation and proper functioning of the Export Processing Zone (EPZ) Sialkot by announcing lucrative export and customs related incentives to exporters.
Texas Instruments is already a major investor in the Philippines and has a manufacturing facility for precision instruments located in the Baguio Export Processing Zone.

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