What is Chennai Free Trade Zone?

The FTZ was established in 2007 under the SEZ Act, 2005 with a mission to provide world-class warehousing and infrastructure. The total built up area is 1 million square feet and has 17 operating units and houses logistic companies such as DHL, DB Schenker, Kerry Indev and TVS logistics.

Which Indian port is trade free zone?

Notes: Kandla has free trade zone for Special Economic Zone (KASEZ). It was earlier known as the Kandla Free Trade Zone and is located at the port town Gandhidham in the state of Gujarat.

Is there any free trade zone in India?

There are 8 approved Free Trade and Warehousing Zones (FTWZs) in India. Out of eight FTWZs, four have been notified. Out of 4 notified FTWZs, 3 are operational. There is no investment made by the Central Government in these FTWZs.

Where are the free trade zones?

Free-trade zones are organized around major seaports, international airports, and national frontiers—areas with many geographic advantages for trade. Examples include Hong Kong, Singapore, Colón (Panama), Copenhagen, Stockholm, Gdańsk (Poland), Los Angeles, and New York City.

What is Ftwz policy?

Free Trade Warehousing Zone Explained. • FTWZs are Deemed Foreign Territories / Ports / Warehouse for Storage and Other value added activities under the Customs Law. FTWZ units are. allowed to hold inventory on behalf of Foreign Suppliers/ Domestic Buyers.

Who benefits from free trade zones?

An FTZ offers a unique opportunity to defer, reduce or eliminate customs duties on your products, which can result in significant cost savings. Customs duties only come into effect when your products leave the FTZ and enter the local market. If a product is re-exported, no duties are due.

What is the world’s largest free trade zone?

After 10 years of work, the world’s largest free trade zone is opening for business on January 1, 2022. The Regional Comprehensive Economic Partnership (RCEP) covers 15 countries across the Asia-Pacific region, and promises to improve business for 2.2 billion people.

What are the benefits of free trade zones?

Zones may provide some or all of the following benefits:

  • Duty Exemption.
  • Duty Deferral.
  • Duty Reduction or Inverted Tariff.
  • Merchandise Processing Fee (MPF) Reduction.
  • Streamlined Logistics.
  • Quota Avoidance.