free port


Also found in: Dictionary, Thesaurus, Encyclopedia, Wikipedia.

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 ?
Ms Truss has asked port authorities to submit applications to a newlycreated free ports advisory panel, which will make the final decision.
Free port status means goods could be imported, manufactured and then reexported from within the free port zone without incurring customs tariffs.
Sources close to Boris Johnson have indicated the prime minister is considering plans to make Aberdeen or Peterhead a free port.
M2 PRESSWIRE-September 3, 2019-: International Trade Committee examines Government's plan to introduce free ports
To date, according to the Corporation for Development of the Far East, JSC, the number of residents of the free port of Vladivostok has reached 1,421.
He added: "Low-tax enterprise zones at Doxford and Washington have already boosted the local economy and creating free ports could also help narrow the gap with the South as most will be located in deprived areas."
The source, who has been involved in the car trading business at the Cagayan free port for years, warned that BOC and Ceza officials would also expose themselves from possible suits from importers who lost millions from the seizure of the vehicles.
now Banff councillor John cox is urging Fraserburgh and Peterhead to work together on a joint bid to secure free port status.
And the port boss said the Tees was well-placed to reap benefits from the free port concept.
Sunak has calculated that if a British free port programme was as successful as the American one, it could generate around 86,000 jobs.
While Stena said free port status could bring benefits, its message to the UK Government was that reaching a deal with the EU remains the "best possible solution".
POST.BREXIT free ports will create "thousands of jobs" as part of the UK's future trade arrangements, the International Trade Secretary has claimed.