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A free zone in international trade enables tax-free operations to promote economic activity and trade, as exemplified by zones like Jebel Ali Free Zone in Dubai, UAE, fostering business growth and global commerce.
In terms of international trade, a free zone refers to a designated geographic area that allows for business operations with reduced or eliminated taxes and tariffs. These zones promote economic activity by attracting foreign investment and facilitating trade without the usual customs restrictions.
One example of a free zone is the Jebel Ali Free Zone in Dubai, UAE, which offers tax exemptions and 100% foreign ownership for companies operating within its boundaries.
Free zones play a significant role in fostering trade liberalization and boosting international commerce by providing a favorable environment for businesses to operate.
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