Freeports will only be established if there is a turbo-charge in growth say, experts. Also, ensuring towns and cities benefit from Brexit trade will give us more opportunities in the UK. A new Freeport Advisory Panel will be set up to advise the government on establishing 10 Freeports. Internation Trade Secretary – Liz Truss agrees to this.
For now, we might see ports and airports being transformed into something like London’s Docklands in the 1980s. For now, around 10 Freeports is said to be created when the UK leaves the EU. That is said to happen on the 31st of October.
The announcement on the ports and airport bidding will soon be out and only then people across the country can bid on it.
Many are unaware of what exactly is Freeports – It is a hub for businesses and enterprises to manufacture and execute trade services. This process involves paper works, tax benefits, customers, checks, and more. The zones in Freeport will provide manufacturing businesses to set up or re-shore and will reduce costs as well. Not to mention bureaucracy will be reduced as well.
Through the liberalization planning laws, it is possible to provide local people the benefits they deserve allowing them to work. Also, this will be creating jobs. The most successful Freeports attracts businesses on a global level. This will also allow Britain’s ports to take advantage of the post – Brexit opportunity. In other words, trade with the US and other Asian markets will be possible.