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 ?
After Tianjin and Shanghai, Xiamen Xiangyu Bonded Area has become the 3rd free trade zone in China to establish an aircraft finance leasing business.
Kyrgyzstan pays special attention to implementation of an agreement on free trade zone within the CIS space, Prime Minister Jantoro Satybaldiev said on November 20 at a meeting of the CIS Council of Heads of Government in St.
Summary: RAS AL KHAIMAH -- Ras Al Khaimah Free Trade Zone (RAK FTZ) -- one of the fastest-growing and most cost-effective free trade zones in the UAE -- announced on Tuesday a four per cent year-on-year increase in new company registrations in the first half of 2012, according to the audited reports by PricewaterhouseCoopers (PwC).
Due to shrinking shipment of electronic parts, the free trade zone in Taoyuan International Airport suffered a sizable fall of 26.
KYIV, Ukraine, May 17, 2011 /PRNewswire/ -- "We are not just discussing the possibility to make a serious step forward and sign an association agreement, create a free trade zone - we are actively working on it," said Stefan Fuele, the European Commissioner for Enlargement and Neighbourhood Policy summing up the meeting with Vasyl Dzharty, Prime Minister of the Autonomous Republic of Crimea, Ukraine.
29, 2010 /PRNewswire-Asia/ -- According to a joint statement by Beijing Tianzhu Free Trade Zone, Beijing Customs, Beijing Entry-Exit Inspection and Quarantine Bureau and Beijing Port Office today, the Beijing Tianzhu Free Trade Zone Port Operational Center developed and run by Airport City Development (ACL) is prepared for daily operation.
The National Free Trade Zone Export Council (CNZFE) said the FTZ in Esperanza has and at least 600 jobs will be lost in La Romana's FTZ.
Ras Al Khaimah Free Trade Zone has gone live with its SAP business suite to help in its mission to be an investment hub founded on a commitment to total investor satisfaction, said a SAP Mena official.
Summary: Tunisia opened up a promising new market by entering the Free Trade Zone Agreement with the European Union
Free importation to the free trade zone of machinery, equipment, tools, parts, accessories, raw materials, semi-processed and intermediate products, containers, labels, packaging, samples, lubricants, fuel and any other products that are necessary for the operations.
15 Kyodo Prime Minister Keizo Obuchi met with South Korean Commerce, Industry and Energy Minister Chung Duck Koo on Wednesday and expressed hope that progress will be made at talks on establishing a bilateral free trade zone, officials said.
NEW YORK -- The American Indonesian Chamber of Commerce (AICC) in cooperation with the Batam Industrial Development Authority and the Consulate General of Indonesia in New York invites internationally-focused investors, executives, financial and service professionals, journalists and other interested individuals to attend an Investor Forum highlighting the potential of the Batam Island Free Trade Zone, the emergence of regional autonomy and other important developments in Indonesia.