WHAT IS IT?
free trade zone
export processing zone
) is an area of a country where some normaltrade barriers such as tariffs and quotas are eliminatedand bureaucratic requirements are lowered in hopesof attracting new business and foreign investments.
It is a region where a group of countries has agreed toreduce or eliminate trade barriers. Free trade zonescan be defined as labor intensive manufacturingcenters that involve the import of raw materials orcomponents and the export of factory products.