difference between free trade zone and foreign trade zone
Free-trade zone Free-trade zones are referred to as "foreign-trade zones" in the United States (Foreign Trade Zones Act of 1934).[3] In the United States, FTZs provide Customs-related advantages as well as exemptions from state and local inventory taxes. In other countries, they have been called "duty free export processing zones," "export free zones," "export processing zones," "free export zones," "free zones," "industrial free zones," "investment promotion zones," "maquiladoras," and "special economic zones."[3][4] Some were previously called "free ports". Free zones range from specific-purpose manufacturing facilities to areas where legal systems and economic regulation vary from the normal provisions of the country concerned. Free zones may reduce taxes, customs duties, and regulatory requirements for registration of business. Zones around the world often provide special exemptions from normal immigration procedures and foreign investment restrictions as well as other features. Free zones are intended to foster economic activity and employment that could occur elsewhere.[5]
Import quota Quotas, like other trade restrictions, are typically used to benefit the producers of a good in that economy.
Economics Theory and observation set out the conditions such that market prices of outputs and productive inputs select an allocation of factor inputs by comparative advantage, so that (relatively) low-cost inputs go to producing low-cost outputs. In the process, aggregate output may increase as a by-product or by design.[37] Such specialization of production creates opportunities for gains from trade whereby resource owners benefit from trade in the sale of one type of output for other, more highly valued goods. A measure of gains from trade is the increased income levels that trade may facilitate.[38]
Time Earth is split up into a number of time zones. Most time zones are exactly one hour apart, and by convention compute their local time as an offset from GMT. For example, time zones at sea are based on GMT. In many locations (but not at sea) these offsets vary twice yearly due to daylight saving time transitions.