free-trade zone


free-trade zone

Area within which goods may be landed, handled, and re-exported freely. The purpose is to remove obstacles to trade and to permit quick turnaround of ships and planes. Only when the goods are moved to consumers within the country in which the zone is located do they become subject to tariffs and customs regulation. Free-trade zones are found around major seaports, international airports, and national frontiers; there are more than 200 such zones in the U.S. alone.

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