free trade zone

(redirected from Export processing zone)
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 ?
However, in terms of exports, international financial organizations such as the World Bank have praised the government's efforts to develop export processing zones that have boosted the country's textile exports.
Chinese companies will set up the export processing zone, warehouses and other facilities at the port to enable it to become fully functional.
Huang stressed that EPZA will keep developing more distinct industrial clusters in the zone and promoting investments in the Taichung Software Park, Nanzhi Export Processing Zone, and Kaohsiung Software Park.
State land in the Katunayake Export Processing Zone handed over to a third party with extensive concessions granted by the Board of Investment.
Karachi Export Processing Zone [KEPZ] (2002) Pakistan's Export Processing Zones: Take a Closer Look at EPZ.
The Lagos state government is in discussions with the government of Singapore with a view to establish a free export processing zone port.
The Japanese electronics maker said it will set up this month a joint venture with Shanghai Jinqiao Export Processing Zone Development Co.
* Hanoi -- Vietnam's Tan Thuan Export Processing Zone has been rated the best deal for investors among all Asia's industrial zones by the international business magazine Corporate Location.
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. Its exports from the Philippines last year were worth $1.5bn and the target for this year is $1.8bn.
Stressing the city's significance, he said that Sialkot had an international airport, a dry port and the Export Processing Zone (EPZ).
SIALKOT -- Following pressing demand of Sialkot business community, Federal Minister for Finance Asad Umer has constituted a special committee to find out possibilities with effective recommendations within two months to ensure early functioning of Export Processing Zone (EPZ) Sialkot.
A Chinese cement manufacturer is to set up a plant in the Hambantota Export Processing Zone, the Government information department said.

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