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Terms include free port (porto Franco), free zone (zona franca), bonded area (US: foreign-trade zone), free economic zone, free-trade zone, export processing zone and maquiladora. Most commonly a free port is a special customs area or small customs territory with generally less strict customs regulations (or no customs duties or controls for ...
Free-trade zones can also be defined as labor-intensive manufacturing centers that involve the import of raw materials or components and the export of factory products, but this is a dated definition as more and more free-trade zones focus on service industries such as software, back-office operations, research, and financial services.
The U.S. foreign-trade zones program was created by the Foreign-Trade Zones Act of 1934. The Foreign-Trade Zones Act was one of two key pieces of legislation passed in 1934 in an attempt to mitigate some of the destructive effects of the Smoot-Hawley Tariffs, which had been imposed in 1930. The Foreign-Trade Zones Act was created to "expedite ...
The world's exclusive economic zones by boundary types and EEZ types. An exclusive economic zone (EEZ), as prescribed by the 1982 United Nations Convention on the Law of the Sea, is an area of the sea in which a sovereign state has exclusive rights regarding the exploration and use of marine resources, including energy production from water and wind.
A free zone authority is a designated economic area governed by its own set of regulations, which differ from those applicable to businesses outside the zone. Companies operating within free zones are typically non-customer-facing businesses, such as those involved in import/export, online operations, and other business activities that do not ...
In May 2024, the Senate of the Philippines established the Special Committee on Philippine Maritime and Admiralty Zones, appointing Senator Francis Tolentino as its chair. This followed the unanimous approval of House Bill No. 7819 by the House of Representatives of the Philippines, which defined the maritime zones under Philippine jurisdiction ...
Here are 15 real estate terms you need to know. Real Estate Agent Professional who represents the seller (listing agent) or buyer (buyer’s agent) in a real estate transaction.
The list encompasses adjacent maritime nations and territories with a special focus on the boundaries or borders which distinguish them. For purposes of this list, " maritime boundary " includes boundaries that are recognized by the United Nations Convention on the Law of the Sea , which includes boundaries of territorial waters , contiguous ...