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Definition of Export processing zone

Export processing zone Definition from Sports Dictionaries & Glossaries
Industrial parks designated by a government to provide tax and other incentives to export firms
Export processing zone Definition from Encyclopedia Dictionaries & Glossaries
Wikipedia English - The Free Encyclopedia
A free trade zone (FTZ), also called foreign-trade zone, formerly free port, is an area within which goods may be landed, handled, manufactured or reconfigured, and reexported without the intervention of the customs authorities. This is not to be confused with an "Export Processing Zone" (EPZ) which is actually a type of free trade zone (FTZ), set up generally in developing countries by their governments to promote industrial and commercial exports. 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. Free trade zones can be defined as labor-intensive manufacturing centers that involve the import of raw materials or components and the export of factory products. The world's first Free Trade Zone was established in Shannon, Ireland (Shannon Free Zone). This was an attempt by the Irish Government to promote employment within a rural area, make use of a small regional airport and generate revenue for the Irish economy. It was hugely successful, and is still in operation today. The number of worldwide free-trade zones proliferated in the late 20th century. In the United States free-trade zones were first authorized in 1934.

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