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 ?
Specialists, lawyers and experts, who participated in the bill drafting, looked into international legislation on free-trade zones in details.
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.
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.
On the trade level, the two sides signed in November 2004 an agreement on the creation of a free-trade zone.
But he anticipated difficulty in getting Russia to agree to the free-trade zone.
The Free-Trade Zone status of the facility will also allow us to offer enhanced customs services to our customers in the Asia Pacific region," Kincheloe said.
With this sub-branch ANZ wants to offer a range of banking financial products to companies in the free-trade zone, in yuan (RMB) and foreign currencies.
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.
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).
By: Egypt Today staff CAIRO -- 3 May 2017: Total capital invested inside Egypt's private free-trade zones has exceeded $55 billion (996 billion EGP), with $11 billion of total investments, according to a Tuesday governmental report.