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free port
free port port, or section of a port, exempt from customs regulations (see tariff ). Goods may be landed at a free port for storage and handling, and they may even be processed into manufactured goods. Duty is charged only if the goods are moved from the free port into the adjacent territory. Free ports originated in the late Middle Ages, when the burdensome tariffs charged by many petty states threatened the reemerging maritime commerce. The high tariffs later levied in the period of mercantilism necessitated additional free ports. In the 19th cent. the danger of smuggling caused the closing of many free ports. In Europe, Copenhagen, Danzig, and Hamburg were free ports until 1939; in East Asia, Hong Kong and Singapore still are. In the United States, bonded warehouses serve some of the functions of the free port, permitting goods to be stored and processed in specially licensed warehouses if a bond exceeding the amount of the customs duties is first posted. In 1934 the Foreign Trade Zones Act authorized the establishment of free ports in the United States, but with a prohibition on manufacturing. The first American free port was opened in New York City in 1937, and others have since been added. Many international airports have free ports. |
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"free port." The Columbia Encyclopedia, 6th ed.. 2011. Encyclopedia.com. 26 May. 2012 <http://www.encyclopedia.com>. "free port." The Columbia Encyclopedia, 6th ed.. 2011. Encyclopedia.com. (May 26, 2012). http://www.encyclopedia.com/doc/1E1-freeprt.html "free port." The Columbia Encyclopedia, 6th ed.. 2011. Retrieved May 26, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1E1-freeprt.html |
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free port
free port Area in which goods may be landed and reshipped without customs intervention. Free ports aid quicker movement of ships and goods. When the goods are moved to the consumer, they then become subject to customs duties. Free ports include Copenhagen, Singapore, Stockholm, and New York City.
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"free port." World Encyclopedia. 2005. Encyclopedia.com. 26 May. 2012 <http://www.encyclopedia.com>. "free port." World Encyclopedia. 2005. Encyclopedia.com. (May 26, 2012). http://www.encyclopedia.com/doc/1O142-freeport.html "free port." World Encyclopedia. 2005. Retrieved May 26, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O142-freeport.html |
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free port
free port
1. a port open to all traders. 2. a port area where goods in transit are exempt from customs duty. |
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Cite this article
"free port." The Oxford Essential Dictionary of the U.S. Military. 2001. Encyclopedia.com. 26 May. 2012 <http://www.encyclopedia.com>. "free port." The Oxford Essential Dictionary of the U.S. Military. 2001. Encyclopedia.com. (May 26, 2012). http://www.encyclopedia.com/doc/1O63-freeport.html "free port." The Oxford Essential Dictionary of the U.S. Military. 2001. Retrieved May 26, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O63-freeport.html |
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