FREEPORTS:
Definition
1:
A
port where no customs duties are levied on goods coming into or leaving it.
E.g. Singapore
Definition
2:
An
international port or an area within an international port at which, crew,
passengers, baggage, cargo, mail and stores may be disembarked or unloaded, may
remain and may be transhipped, without being subjected to any customs charges
or duties. (Examination is possible for instance to meet security or narcotics
control requirements.)
IMPORTANCE
1. Free
ports encourage a fair international trade practices.
2. Free
ports encourage free movement of goods within a trade region.
3. Good
economic relationship can be developed and maintained among countries.
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