Definition, Meaning & Synonyms
free-zone
noun
/friː zoʊn/
Definition
A free-zone is a designated area where goods can be stored, manufactured, and exported without being subject to customs duties or tariffs.
Examples
- The company set up a factory in the free-zone to avoid heavy import taxes.
- Many businesses take advantage of the free-zone policies to expand their markets.
- Jobs in the free-zone often benefit from import duty exemptions.
Meaning
It typically refers to specific locations within a country that have been set aside to encourage international trade and investment by reducing or eliminating customs regulations.
Synonyms
- Trade zone
- Free trade area
- Customs-free zone
