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 ?
In a statement released on Monday, the PSX said it would facilitate Chinese investors under the broader CPEC projects in raising funds for projects to be set up at the Gwadar Free Trade Zone and get listed at the bourse.
According to the petition dated 27th of November, 2017, and signed by Austin Akoma on behalf of the Concerned Workers Forum of the Onne Oil and Gas Free Trade Zone, the utterances of the OGFZA Managing Director has created chaos and uncertainty in the FTZ, thereby leaving many expatriates to live in fear and trepidation.
To implement the new measure, testing organisations in Hong Kong may co-operate with designated Mainland organisations to provide the testing required by China Compulsory Certification (CCC) on products processed or manufactured in the China (Guangdong) Pilot Free Trade Zone (regardless of where the products are designed or prototyped).
Qeshm Free Trade Zone signed a memorandum of understanding (MoU) with and Ouj Fuel Supply and Airport Services Company to cooperate on supplying the passing passenger planes with quality fuel.
The investment forum brought together Abu Dhabi Ports with leading business leaders from Korea to highlight the benefits of investing in a safe and stable UAE economy and included a presentation on Abu Dhabi ports and KIZAD, focusing on Khalifa Port Free Trade Zone, which is poised to serve as the regional destination for future foreign direct investment attracting an array of trade, logistics and manufacturing sectors.
By: Egypt Today staff CAIRO -- 1 May 2017: The parliament's economic committee has approved the return of the private free trade zones in Egypt, head of the committee revealed Sunday in press remarks.
President Aliyev hailed DP World's partnership with his country in developing the Alyat Free Trade Zone, which once completed will transform the Port of Baku into a key logistic and transport hub in the middle of Eurasia, serving both European and Asian markets.
Wang Xinling, Vice Chairman of China (Shanghai) Pilot Free Trade Zone Administration.
The delegation, which comprised 40 Omani businessmen viewed the facilities and services of Shanghai Free Trade Zone.
Damascus, SANA -- The revenues of the free trade zones up till September 2015 reached SYP 1.
SHARM EL-SHEIKH, Egypt, June 10 (KUNA) -- Egypt's President Abdelfatah Al-Sisi on Wednesday lauded a proposed African free trade zone that will include three blocs on the continent.
The delegation comprising local government officials from the city of Qingdao, in Shandong province in eastern China, and representatives of Qingdao Free Trade Zone met with Bulgariaas Economy Minister Bozhidar Lukarski.