MOSCOW (Sputnik) — A UK Free Port, also known as a Free Trade Zone is an area that falls inside the United Kingdom geographically but does not adhere to the country's customs rules, where goods can be imported, produced and exported without incurring domestic customs duties or taxes.
"Brexit will provide the UK with new economic freedom, and the Government should take the opportunity to create Free Ports across the nation. Free Ports will simultaneously: increase manufacturing output, create employment regionally where it is most needed, and promote trade," the report said.
Currently there are around 3,500 Free Ports worldwide, that employ around 66 million people across 135 countries, none of them is on the United Kingdom's territory. In the United States alone, there are over 250 Free Trade Zones which employ 420,000 people and handle $750 billion of merchandise.
Free Ports could help create around 86,000 new jobs for the UK economy if done successfully mainly in areas outside London where the economic need is higher, in addition it will increase the UK manufacturing which only accounts for 10 percent of the total Gross Domestic Product (GDP) of the country, and this will bring about positive effects on productivity, income levels, employment and will improve the economic deficit.
Rishi Sunak is the Member of Parliament for Richmond who was elected in 2015 and is member of the Environment, Food and Rural Affairs Select Committee.
