Meaning of “free trade zone” in the English Dictionary

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"free trade zone" in Business English

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free trade zonenoun [ C ]

uk us abbreviation FTZ, also free zone, free port ECONOMICS, COMMERCE

a special area within a country where foreign companies can import materials, manufacture goods, export products, etc. without being limited by the usual rules and taxes:

The island was designated a free-trade zone in the hopes of attracting foreign investment.

(Definition of “free trade zone” from the Cambridge Business English Dictionary © Cambridge University Press)