Search results
Results From The WOW.Com Content Network
A bonded warehouse, or bond, is a building or other secured area in which imported but dutiable goods may be stored, manipulated, or undergo manufacturing operations without payment of duty. [1] They may then be again exported without payment of duty.
The Warehousing Act of 1846, [1] was a commercial law that allowed merchants to warehouse their imports into the United States and thus delay tariff payments on those goods until a buyer was found. It established the bonded warehousing system at American ports and spurred the influx of commerce, particularly in New York City .
Terms include free port (porto Franco), free zone (zona franca), bonded area (US: foreign-trade zone), free economic zone, free-trade zone, export processing zone and maquiladora. Most commonly a free port is a special customs area or small customs territory with generally less strict customs regulations (or no customs duties or controls for ...
Free-trade zones can also be defined as labor-intensive manufacturing centers that involve the import of raw materials or components and the export of factory products, but this is a dated definition as more and more free-trade zones focus on service industries such as software, back-office operations, research, and financial services.
Regulatory economics is the application of law ... defined as "the ability of the government to formulate and implement sound policies and regulations that permit ...
A bonded logistics park is a type of special economic zone. Trade arrangements are similar to that of a bonded warehouse but over a specific geographic area. Sometimes with international port capabilities. [1] Goods may be stored, manipulated, or undergo manufacturing operations without payment of duty.
The definition of an SEZ is determined individually by each country. According to the World Bank in 2008, the modern-day special economic zone typically includes a "geographically limited area, usually physically secured (fenced-in); single management or administration; eligibility for benefits based upon physical location within the zone; separate customs area (duty-free benefits) and ...
United States President Woodrow Wilson proposed the Warehouse Act at a political nomination convention in Sea Girt, New Jersey on September 2, 1916: . For the farmers of the country we have virtually created commercial credit, by means of the Federal Reserve Act and the Rural Credits Act.