The world's most important free trade zones
Published: 30/10/19
Countries within which tariffs and non-tariff trade barriers between the members are generally abolished but with no common trade policy toward non-members
What are Free Trade Zones
Free trade zones are a kind of Special Economic Zone (SEZ) that are designated economic areas free of trade-related fees such as duties and taxes.
In these areas, goods that are manufactured, stored, and handled are subject to different customs preferences. They are often offered reliefs and incentives to encourage investments.
Benefits of free trade zones include:
- Promotes trade and business opportunities
- Keeps costs of logistics low
- Reduces red tape and bureaucratic formalities
- Increase foreign exchange earnings
- Creates employment opportunities
- Attracts investments
