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 ?
The China (Guangxi) Pilot Free Trade Zone, made up of parts of Nanning, Qinzhougang, and Chongzuo, totals up to 119.99 square kilometers.
'We are also calling on the newspaper representatives and journalists to investigate and come up with the true report and positions of the land allocated to the Ogun-Guangdong Free Trade Zone by the Ogun State Government.
Aras Free Trade Zone is located in the East Azerbaijan Province of Iran.
The aim of this draft law is implementation of international procedures necessary for entry of the interim agreement leading to establishment of the free trade zone between EAEU member states and Iran into force.
Jameil, said the Free Trade zone is aiming to increase services and trade exchange between African countries, adding that the meeting tackled the implementation of the national dialogue outcome.
Ras Al Khaimah Free Trade Zone Authority is now the 40th organisation to join companies that support the Women Achieve initiative including Al Noor Hospitals Group, Boeing, ExxonMobil, and Mubadala GE Capital, among others.
Members of the Eurasian Customs Union and Vietnam are close to sign an agreement on a free trade zone, Russian President Vladimir Putin said.
Shanghai's free trade zone is expected to see the Chinese yuan converted more easily, interest rates floated and overseas trade promoted.
With the planned Shanghai free trade zone (FTZ) set to open next week, analyst opinion on the zone's ability to boost the world's second largest economy remains divided.
This is without the US$1 billion investment that we got through General Electric in Calabar Free Trade Zone recently,'' the local media Friday quoted the NEPZA boss as saying in the capital city of Abuja.
Addressing local officials in Chabahar city, he noted that Chabahar Free Trade Zone is one of the most strategic free trade zones which can have a great effect on expansion of trade among regional countries and in particular between Iran and Pakistan, IRNA news Agency Quoted.
Summary: In a step aimed at boosting the trade relations between Turkey and Ras Al Khaimah, UAE, a high-level business delegation from Ankara visited Ras Al Khaimah Free Trade Zone (RAK FTZ) -- one of the fastest-growing and most cost-effective free trade zones in the UAE.