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Special Economic Zone as per Central Sales Tax, 1956 --> A Special Economic Zone (SEZ) is a geographically bound zone where the economic laws relating to export and import are more liberal as compared to other parts of the country. These are like a separate island within the territory of India.
Cochin Special Economic Zone is a Special Economic Zone in Cochin, in the State of Kerala in southwest India, set up for export- oriented ventures. The Special Economic Zone is a foreign territory within India with special rules for facilitating foreign direct investment. The Zone is run directly by the Government of India.
See also: List of special economic zones and List of free-trade zones In special economic zones business and trades laws differ from the rest of the country. The term, and a number of other terms, can have different specific meanings in different countries and publications. Often they have relaxed jurisdiction of customs or related national regulations. They can be ports or other large areas ...
The definition of an SEZ is determined individually by each country. According to the World Bank in 2008, the modern-day special economic zone typically includes a "geographically limited area, usually physically secured (fenced-in); single management or administration; eligibility for benefits based upon physical location within the zone; separate customs area (duty-free benefits) and ...
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If natural persons are also free to move between the countries, in addition to a free trade agreement, it would also be considered an open border. It can be considered the second stage of economic integration. [1] Customs unions are a special type of free trade area. All such areas have internal arrangements which parties conclude in order to ...
The four aforementioned special economic zones were all established from 1980 to 1981. As of 2024, there have been 3 additional special economic zones. In 1988, Hainan became the fifth SEZ. In 1990, Pudong district in Shanghai became the sixth "SEZ". In 2009, Binhai district in Tianjin became the seventh SEZ.
The United States has the world's second-largest exclusive economic zone (EEZ). The total size is 11,351,000 km 2 (4,383,000 sq mi) 2. [1] Areas of its EEZ are located in three oceans, the Gulf of Mexico, and the Caribbean Sea. Most notable areas are Alaska, Hawaii, the East Coast, West Coast and Gulf Coast of the United States.