UK Creating 10 New 'Freeports' After Brexit
Britain will create up to 10 "freeports" to reduce costs and boost trade after it leaves the European Union, the country said Aug. 1. Ports and airports across the United Kingdom can bid to become one of the freeports, the country said, and the U.K. will have a Freeports Advisory Panel composed of the ministers of the Department of International Trade and HM Treasury, along with trade and business experts, some of whom were identified in the release.
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The move is “expected to transform the country’s ports and airports,” the U.K. said. The ports will be “free of unnecessary checks and paperwork” and “include customs and tax benefits.” They will also “ensure Britain’s port cities and airports are ready to take full advantage of post-Brexit opportunities, including increased trade with the USA and fast-growing Asian markets as we sign our first free trade deals with global partners,” the country said.
The country pointed to several ports as candidates, including Teesport, the Port of Tyne, Milford Haven and London Gateway. The announcement likened freeports to the models in the U.S., which are known as free-trade zones, and used Miami as an example. "There are already thousands of very successful free trading zones around the world, with the United States having pioneered the creation of over 250 free trade zones, employing 420,000 people, many in high-skilled manufacturing jobs. If the UK model is implemented as successfully, it could have a significant economic impact," the announcement said.
“We are exploring freeports as an innovative way to drive growth and support thousands of high-skilled jobs across the UK,” Chief Secretary to the Treasury Rishi Sunak said in a statement. “We will focus on those areas that could benefit the most, as we look to boost investment and opportunity for communities across the country.”