Statement:
On 7 October, the Government responded to the recently closed public consultation on Freeports.
A Freeport is a place to carry out business inside a country’s land border but where different customs rules apply. A firm can import goods into a Freeport without paying tariffs, process them into a final good and then either pay a tariff on goods sold into the domestic market, or export the final goods without paying UK tariffs. They also allow goods to be temporarily stored without paying duties. Countries around the world have successfully used Freeports to drive investment and prosperity.
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