Shanghai free trade zone

6 June 2016

A free trade zone (FTZ) or export processing zone (EPZ), also called foreign-trade zone, formerly free port, is an area within which goods may be landed, handled, manufactured or reconfigured, and reexported without the intervention of the customs authorities.

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Only when the goods are moved to consumers within the country in which the zone is located do they become subject to the prevailing customs duties.It is a region where a group of countries has agreed to reduce or eliminate trade barriers.

Free trade zones can be defined as labour intensive manufacturing centers that involve the import of raw materials or components and the export of factory products.The highly anticipated Shanghai Free Trade Zone (SFTZ) opened its doors on September 29, 2013.

Officially named China (Shanghai) Pilot Free Trade Zone, it marks yet another step in China’s continuing efforts to reform.The establishment of shanghai free trade zone is to test what challenges might be brought to Chinese state-owned enterprises and regulatory system in the controllable global competition ,which could provide references for the in-depth reform.

a free trade zone also called foreign trade zone or a free port,with the intervention of customs authorities with in this area goods may be manufactured,stored,handled or reexported.

When the goods are distributed to consumers within the country in which the zone is located do they become a subject to prevailing customs duties.this is done when a group of countries come together and discuss to reduce or eliminate trade barriers.free trade zones can also be defined as labour intensive manufacturing centers that involves the import of raw materials or components and the export of factory products.shanghai free trade zone(sftz) is highly anticipated opens on september 29,2013.

Also called china shanghai pilot free trade zone marks yet again takes a huge step towards the booming economy of china.the establishment of such a pilot or zone is to test what challenges might be brought upon state owned enterprise and the regulatory system in the controllable global competition,such can bring a reference into a better form of condition.

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