Ftwz - Free Trade Warehousing Zones
A free trade zone (FTZ) is a product of globalization and also known as an export processing zone (EPZ)
. An FTZ is a specially chosen area for
export-oriented foreign direct investment. FTZs can be set up just to support a single industry if there are only certain natural resources available.
These zones provide corporations with favorable investment conditions, while at the same time providing developing nations with vital capital, the ability
to export, jobs that would otherwise not exist or would exist somewhere else. Developing nations can have somewhat of a comparative advantage that they
would not normally have through the use of free trade zones.
Free Trade Warehousing, offer services such as speedy delivery of cargo, one-stop for Customs clearance capability; integrated solutions, such as packing
management, sorting, inspection, re-invoicing, strapping and kitting, assembly of complete and semi-knocked down kits, and taxation benefits. Free Trade
and Warehousing Zones is policy of the Government of India. It was announced in the Foreign Trade Policy 2004-09 to set up free trade warehousing zones
(FTWZ) to create trade-related infrastructure to facilitate the import and export of goods and services with freedom to carry out trade transactions in
free currency. The zones provides creation of world-class infrastructure for warehousing of various products, state-of-the-art equipment, transportation
and handling facilities, commercial office-space, water, power, communications and connectivity, with one-stop clearance of import and export formality, to
support the integrated Zones as "international trading hubs". These Zones would be established in areas close to seaports, airports or dry ports so as to
offer easy access by rail and road.
FTWZ provides users storage facilities to meet the specific requirements of each product category, thereby ensuring a safer and more efficient environment
for the storage of the products. Importers of goods into India have to pay significant duties at the time the goods are brought into the country. The
companies who are having operations within a FTWZ, the custom duty is paid only at the time the commodities are sold into the Domestic Tariff Area (DTA).
Under efficient infrastructure and higher operational dynamics, companies can utilize the FTWZ India as a hub for its operations and services to other
countries and regions. Multinational wholesalers can be located within the FTWZ to facilitate imports whereby the items imported from other countries can
be stored without paying duties till the time they are actually moved into the Domestic Tariff Area (DTA). Similarly, domestic units located within the
FTWZ can facilitate exports.
FTWZ India with its strategic location and state-of-the-art infrastructure plays a critical role in enabling the importers and exporters to distribute
their products to the entire Indian subcontinent and fulfill their critical service levels within the stipulated timelines in addition to bringing much
required supply chain efficiency in their regional distribution activities. Thus, FTWZ is a complete infrastructure required for improving India"s
container volumes and enabling Importers-Exporters efficiently and cost effectively carries warehousing, trading and value addition activities.
by: Abhinash Chaudhary
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