free trade zone

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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 ?
As an important element of our Chinese strategy, we continue working to develop the bank s business and that of our clients in the Shanghai Free-Trade Zone.
The figures were announced by Director-General of the Free-Trade Zones Establishment Mohammad Katkout, who compared them to the SYP 1.
He put the invested capital of foreign companies at the free-trade zones in Syria till the end of June 2015 at SYP 96 billion, while the number of investors reached 1150.
Tu Guangshao, a vice-mayor of Shanghai, described the launch of the energy exchange as an important move with far-reaching significance for the development of the free-trade zone, launched in September.
The free-trade zone is aimed at facilitating investments and trade, and concrete and substantial steps must be taken to achieve the goal," he said.
But he anticipated difficulty in getting Russia to agree to the free-trade zone.
During the formal discussions, Wen proposed to counterparts Mikhail Kasyanov of Russia, Daniyal Akhmetov of Kazakstan, Nikolai Tanayev of Kyrgyzstan, Akil Akilov of Tajikistan and Utkur Sultanov of Uzbekistan that the SCO eventually set up the free-trade zone, Xinhua said.
ANZ bonds with other leading banks Deutsche Bank, Citibank, DBS, Hang Seng Bank, HSBC and Bank of East Asia, which have commenced banking activities in the free-trade zone.
Shanghai Free-trade Zone is the first Hong Kong-like free trade area in mainland China.
China's financial center Shanghai has received State Council approval to establish a pilot free-trade zone to explore investment and trade policy innovations and expand the opening of services industry, the official China Daily (http://www.
The free-trade zone in Shanghai will be the first free-trade zone within mainland China, incorporating the special custom zones of Yangshan Deep Water Port, Pudong Airport and the Waigaiqiao Port.
18, 2009 (TAP) - A co-operation and partnership agreement was signed Thursday in Gammarth (Tunis northern suburb) between the Zarzis economic activities pole and the free-trade zone committee of Sharjah, in the United Arab Emirates (UAE).