Free Port (Noun)
Meaning 1
A port open on equal terms to all commercial vessels.
Classification
Nouns denoting spatial position.
Examples
- Gibraltar is often used as a free port, having no custom duties for most goods, although most other products are taxed if they are brought ashore for domestic consumption.
- The advantages of establishing the port as a free port were numerous, including inducing foreign investment and a substantial boost in economic activities.
- Free ports play an important role in developing countries as they facilitate rapid industrialization and expansion of trade.
- The government's decision to convert the port into a free port was well-received by the export-oriented companies and foreign traders who rely heavily on smooth and efficient logistic operations.
- As Hong Kong once relied upon British jurisdiction for the guarantee of her existence as a free port, that role was assumed by the guarantee embodied in Basic Law and by China itself.