Free Trade Zone

A free trade zone (FTZ) is a type of special economic zone (SEZ) that focuses on facilitating trade and commerce, often located near ports or borders. It’s a designated area where goods can be imported and exported without the usual customs duties and bureaucratic processes. Gada Special Economic Zone Free Trade Zone is a prominent example, aiming to boost economic activity and attract foreign investment.

• FTZ

is a specific type of SEZ that primarily focuses on trade and logistics, offering duty-free zones for warehousing, storage, and distribution.

• Key Features of FTZs:
• Duty-free import and export: Goods can be imported into an FTZ without paying import duties, and exported without paying export duties.
• Simplified customs procedures: FTZs streamline customs processes, reducing paperwork and delays.
• Focus on trade and logistics: FTZs are often located near major ports, airports, or border crossings, facilitating the movement of goods.
• Warehousing and distribution: FTZs provide facilities for storing, handling, and distributing goods.