free port

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Free Port

A port where ships can dock and unload goods without paying tariffs or other fees on those goods. The goods can be held duty-free at the free port for a certain period of time, though generally they must be re-exported at the end of the period. Free ports may be used to make final improvements on unfinished goods.

free port

see FREE TRADE ZONE.
References in periodicals archive ?
As well as the proposed free port, Mr Houchen also pushed plans to improve Darlington Station and develop key transport links in the region.
The meetings come just days after Prime Minister Theresa May told the Commons Mr Houchen had been a vocal advocate for free port status, and that the Government would remain open to any ideas to drive growth.
In practical terms, goods can be imported, manufactured and then re-exported from within the free port zone without incurring UK customs duties.
Currently, the EU Customs Union and EU state aid law prevents the creation of a free port, but a post-Brexit Britain presents the opportunity to capitalise on the idea, which will attract further investment, jobs and create a stronger regional and national economy.
The great risk now is that passage of Angara's tax measure will serve to encourage politicians to establish more free ports and similar projects, despite their mostly resulting in untold wastage of taxpayer money.
There is a strong economic case for a free ports pilot on Teesside and we have the political will.
SBMA chair Roberto Garcia said the business community in the free port had transformed vacant parcels of land into bustling commercial establishments and hi-tech manufacturing companies that produce high-value electronic components used by global brands.
Richmond Yorks MP Rishi Sunak's Centre for Policy studies report on free ports found they could create more than 86,000 jobs nationwide.
one of two accredited used-car importers at the free port, filed an import entry for the seized cars.
Richmond Yorks MP Rishi Sunak authored a report on Free Ports for the Centre for Policy Studies in November 2016.
Existing laws actually allow investors in free ports to import used vehicles, but for use only within the special economic zone or free port.
A free port that would be established in Teesside following Brexit has been backed by businesses in a letter from Mayor Ben Houchen to the Chancellor of the Exchequer.