Where are foreign trade zones normally located by the central axis
Aside from simply providing much-needed employment, these designated areas also help generate more foreign currency, thus improving the position of the country concerned in terms of foreign exchange. The one that comes to mind here is the Tinapa Free Trade Zone in Calabar, Nigeria which was poorly conceived and managed. Free Trade Zones that have failed around the world have been criticized for their macro and micro level constraints on businesses, bad labour practices and poor environmental records. Critics also view such zones as harmful to local businesses. In this regard, 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.
They promote export-oriented industries. Thank you for your time. A Free Trade Zone FTZ is an area in a country where goods may be traded without any barriers imposed by customs authorities. Many countries have addressed this issue by creating programmes that may allow local businesses to operate in such areas or that may give them economic benefits to stimulate productivity and the creation of profits. The importance of Free Trade Zones cannot be over emphasized.