Free trade zone in the context of Labuan IBFC


Free trade zone in the context of Labuan IBFC

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⭐ Core Definition: Free trade zone

A free-trade zone (FTZ) is a class of special economic zone. It is a geographic area where goods may be imported, stored, handled, manufactured, or reconfigured and re-exported under specific customs regulation and generally not subject to customs duty. Free trade zones are generally organized around major seaports, international airports, and national frontiers—areas with many geographic advantages for trade.

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👉 Free trade zone in the context of Labuan IBFC

Labuan International Business and Financial Centre (IBFC) is a special economic zone of the Malaysian government based on the island of Labuan off the Borneo coast. It was established in 1990 and has been marketed as having a unique position to tap investment opportunities in Asia and beyond.

The Labuan IBFC shares a common time zone with many large Asian cities and its location between China and India as well as its proximity to several other financial centres has been used to promote the Labuan IBFC as a convenient location for business dealings. Labuan has been designated as a financial centre and free trade zone by the Malaysian government.

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Free trade zone in the context of Mercosur

The Southern Common Market (commonly known by abbreviation Mercosur in Spanish and Mercosul in Portuguese) is a South American trade bloc established by the Treaty of Asunción in 1991 and Protocol of Ouro Preto in 1994. Its full members are Argentina, Bolivia, Brazil, Paraguay, and Uruguay. Venezuela is a full member but has been suspended since 1 December 2016. Chile, Colombia, Ecuador, Guyana, Panama, Peru, and Suriname are associate countries.

Mercosur's origins are linked to the discussions for the constitution of a regional economic market for Latin America, which go back to the treaty that established the Latin American Free Trade Association in 1960, which was succeeded by the Latin American Integration Association in the 1980s. At the time, Argentina and Brazil made progress in the matter, signing the Iguaçu Declaration (1985), which established a bilateral commission, which was followed by a series of trade agreements the following year. The Integration, Cooperation and Development Treaty, signed between both countries in 1988, set the goal of establishing a common market, which other Latin American countries could join. Paraguay and Uruguay joined the process and the four countries became signatories to the Treaty of Asunción (1991), which established the Southern Common Market, a trade alliance aimed at boosting the regional economy, moving goods, people among themselves, workforce and capital. Initially a free trade zone was established, in which the signatory countries would not tax or restrict each other's imports. As of 1 January 1995, this area became a customs union, in which all signatories could charge the same quotas on imports from other countries (common external tariff). The following year, Bolivia and Chile acquired membership status. Other Latin American nations have expressed interest in joining the group.

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Free trade zone in the context of Colónia do Sacramento

Colonia del Sacramento (Spanish: [koˈlonja ðel sakɾaˈmento] ; Brazilian Portuguese: Colônia do Sacramento; European Portuguese: Colónia do Sacramento) is a city in southwestern Uruguay, by the Río de la Plata, facing Buenos Aires, Argentina. It is one of the oldest towns in Uruguay and the capital of the Colonia Department. As of the 2023 census, it has a population of around 32,174.

Its historic quarter is a UNESCO World Heritage Site. Modern Colonia del Sacramento produces textiles and has a free trade zone, in addition to a polytechnic centre and various government buildings.

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Free trade zone in the context of Port of Szczecin

The Port of Szczecin (in Polish generally Port Szczecin) is a Polish seaport and deep water harbour in Szczecin, Poland. It is located at the Oder and Regalica rivers in the Lower Oder Valley, off the Szczecin Lagoon. In the past, the port included the now defunct Szczecin Shipyard. A free trade zone has been designated within the port area.

In 2022, cargo traffic in the seaport equaled 11,208,700 tons, comprising 9,4% of all cargo traffic in Polish seaports and the port was entered by 3173 ships with gross tonnage of more than 100.

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Free trade zone in the context of Kish Island

Kish (Persian: کیش listen) is a 91.5-square-kilometre (35.3 sq mi) resort island in Bandar Lengeh County, Hormozgan Province, off the southern coast of Iran in the Persian Gulf. The island constitutes the city of Kish. Owing to its free trade zone status, the island is marketed as a consumers' paradise, offering shopping centers, tourist attractions, and resort hotels. It has an estimated population of around 55,205 residents and about 12 million visitors annually.

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Free trade zone in the context of Kupang

Kupang (Indonesian: Kota Kupang, Indonesian pronunciation: [ˈkupaŋ]), formerly known as Koepang, is the capital of the Indonesian province of East Nusa Tenggara. At the 2020 Census, it had a population of 442,758; the official estimate as of mid-2024 was 474,801 (comprising 238,997 males and 235,804 females). It is the largest city and port (actually the only independent city in the province) on the island of Timor, and is a part of the Timor Leste–Indonesia–Australia Growth Triangle free trade zone. Geographically, Kupang is the southernmost large city in Indonesia, as well as the closest to Australia.

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