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Banking Term: Free Trade Zone

May 6, 2015 12:36 IST

    Banking Term: Free Trade Zone

    • It is a customs-defined area in which goods or services may be processed or transacted without attracting taxes or duties or being subjected to certain regulation.
    • A special case is t free Port into which goods are imported free of custom tariffs or taxes.
    • The objective behind the scheme is to encourage bulk exporters.
    • 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.

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