World and Regional Trade Agreements

Special Economic Zones as defined by The World Bank: " A free-trade zone (FTZ) is a specific class of special economic zone. It is a geographic area where goods may be landed, stored, handled, manufactured, or reconfigured, and re-exported under specific customs regulation and generally not subject to customs duty. Free trade zones are generally organized around major seaports, international airports, and national frontiers — areas with many geographic advantages for trade. " The historical record shows that Shannon, Ireland has claimed to be the first " modern " free trade zone that was established in 1959. It follows that the Shannon Zone was started to help the city airport adjust to a radical change in aircraft technology that permitted longer range aircraft to avoid a required refueling stops at Shannon. The Irish Government saw it as a way to maintain employment around the airport and continue generating revenue for the Irish economy. The gamble turned out to be a huge success which still is in operation today.