free zone

Definitions

A designated area, typically near a port or airport, where goods may be landed, handled, manufactured, or reconfigured without the intervention of customs authorities.

A specific geographic region where trade barriers such as tariffs and quotas are eliminated to encourage economic activity and foreign investment.

Examples

The government established a new free zone near the port to attract international investment.

Goods imported into the free zone are exempt from standard customs duties and taxes.

Many multinational corporations have set up regional headquarters within the city's designated free zone.

Synonyms

duty-free zone special economic zone foreign trade zone tax-free area bonded warehouse export processing zone free port

Antonyms

taxed area customs territory regulated zone restricted area protected market domestic market tariff zone