Free trade zones FTZ are considered to be enclosed duty-free areas for the purpose of providing warehousing and distribution facilities supporting trade, particularly re-exports.
They are commonly near a point of entry, such as a port, an airport or a land border. There is no interest levied on deferred duty. Value added activities like labeling, assembly of complete knocked down and semi knocked kits, packaging or repackaging, re-sell, re-invoice or re-export of imported goods, setting up of office in the premises etc.
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Very Satisfied. Free trade zones have been around for quite some time, but they have recently been gaining in popularity.
It stands to reason that with such gains, there are bound to be many more in the future. It seems that as economic and political changes are influencing trade, the appeal of free trade zones has increased, especially in areas around the world like China. But what exactly is a free-trade zone? Why does it matter? And what benefits does it afford?
A free trade zone is considered a special economic zone, or SEZ, which is a designated area for commercial purposes. In the said area,.
In such areas, any goods that you manufacture, you store, or you have handled are subject to various preferences for customs. Many of these areas around the world offer incentives and release to encourage investment.
The organization for economic cooperation and development, OECD, stipulates free trade zones as countries inside of which tariff and non-tariff trade barriers between different members are effectively done away with, where there is no standard trade policy for non-members.
Why would people be interested in free trade zones? Well, they bring with them many benefits. The first benefit is that a free trade zone promotes trade.
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