20 Aug 2015
Acronym in full: free trade zone / export processing zone
Under the concept of a country’s external trade, a free trade zone or sometimes called an export processing zone, is a designated area within a country’s territory, usually for the purpose of re-export or export processing, where goods can be landed, handled, repackaged, manufactured and re-exported without paying any customs duties. Only when the goods are moved to consumers in the country outside the zone, the goods will be subject to the prevailing customs duties.
Related section: Free Trade Zone