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Free Port

Definition: A free port is a designated area within a country where goods can be imported, stored, and re-exported without being subjected to certain customs duties or taxes.

Parts of Speech:

Noun, verb, adjective, adverb

Senses:

Noun (1):

An area or a zone within a country where goods can be stored temporarily, often without incurring customs duties or taxes.

Example: The government established a free port to encourage international trade and foster economic growth in the region.

Noun (2):

A seaport where certain goods can be unloaded, stored, and re-exported without being subjected to customs duties.

Example: The free port of Singapore is a major hub for transshipment, allowing goods to be transferred between ships without incurring customs fees.

Verb:

To designate an area or a seaport as a free port, allowing the importation, storage, and re-exportation of goods without certain customs duties or taxes.

Example: The government decided to free port the previously restricted area, hoping it would attract foreign investment and stimulate trade.

Adjective:

Describes something related to or characteristic of a free port.

Example: The company aims to establish a free port logistics operation to take advantage of the cost-saving benefits in international trade.

Adverb:

Relating to or in the manner of a free port.

Example: The goods were moved freely and without customs duties within the free port zone.

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