FREE TRADE ZONE (FTZ)
\fɹˈiː tɹˈe͡ɪd zˈə͡ʊn ˌɛftˌiːzˈɛd], \fɹˈiː tɹˈeɪd zˈəʊn ˌɛftˌiːzˈɛd], \f_ɹ_ˈiː t_ɹ_ˈeɪ_d z_ˈəʊ_n__ ˌɛ_f_t_ˌiː_z_ˈɛ_d]\
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Duty-free area in an airport, seaport, or other designated area. After paying the required duties, allows for goods stored, displayed, assembled, or processed for re-export or general market entry in the importing country. Includes raw materials, components, subassemblies, semi finished or finished goods. Known also as foreign trade Zone or free zone.
By Henry Campbell Black
