Glossary

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The Free Zone glossary is an alphabetical list of terms relating to free zones and international trade with the definitions for those terms. The aim of which is to provide updated explanations of key terms and concepts.

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This is a term
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This is a term
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This is a term
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free trade zone (FTZ)
A free trade zone (FTZ) is a specific class of special economic zone. They are a geographic area where goods may be landed, handled, manufactured or reconfigured, and reexported without the intervention of the customs authorities. Only when the goods are moved to consumers within the country in which the zone is located do they become subject to the prevailing customs duties. Free-trade zones are organized around major seaports, international airports, and national frontiers—areas with many geographic advantages for trade. It is a region where a group of countries has agreed to reduce or eliminate trade barriers.

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special economic zone (SEZ)
The term special economic zone (SEZ) is commonly used as a generic term to refer to only one modern economic zone. In these zones business and trades laws differ from the rest of the country. Broadly, SEZs are located within a country's national borders. The aims of the zones include: increased trade, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financially libertarian policies are introduced. These policies typically regard investing, taxation, trading, quotas, customs and labour regulations. Additionally, companies may be offered tax holidays.

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