The World Customs Organization (WCO) published its latest research paper, entitled "Extraterritoriality of free zones: the need for customs participation». The Valid identity document examines the current situation with regard to customs procedures and controls related to free zones.
The benefits and risks associated with Free Trade Zones have been widely documented. Free Trade Zones serve as “growth poles” for national and regional economies, in particular by offering less regulation and government “red tape.” However, as already described in many other research papers, Free Trade Zones are not only used by legitimate actors for legal economic activities, but are occasionally also misused for illicit activities.
Free zones are a highly topical topic of discussion at many WCO meetings. As a result, the WCO Secretariat has placed increased focus on this topic. Existing literature was reviewed and throughout 2018 and early 2019, a series of regional workshops were held to encourage discussions among WCO members. In parallel, fieldwork was conducted in 11 countries. Using the knowledge gained through these activities, the paper provides an analysis of the current situation surrounding Free Zones.
The first section of the document describes, from a Customs perspective, the definitions and characteristics of Free Trade Zones, as well as the economic benefits they offer. The second section addresses the risks posed by Free Trade Zones, while the third section offers an analysis of the situation where Customs involvement and authority related to Free Trade Zones tend to be at a low level, behind which the erroneous perception of 'Extraterritoriality' of Free Trade Zones prevails.
#WCO releases research paper on #FreeZoneshttps://t.co/OIa5VoCg2I pic.twitter.com/E5qrcjiv4j
— WCO_OMD (@WCO_OMD) October 3, 2019
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