Have you ever wondered if there is a place where tariff policy does not work between countries? That place is called the Free Trade Zones
Countries have generally abolished tariffs and non-tariff trade obstacles between members but no shared trade policy with non-members.
WHAT ARE FREE TRADE ZONES?
They are a type of Special Economic Zone (SEZ) in which trade-related levies, such as customs and taxes, are waived.Goods that are made, stored, and handled in these locations are subject to a variety of customs preferences. Reliefs and incentives are frequently offered to stimulate investment.
The following are some of the advantages of this location:
- Promotes business and trade possibilities.
- Reduces red tape and bureaucratic formalities while keeping logistics costs low
- Increase your profits in foreign currency
- Opportunities for work are created.
- Investments are attracted.
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