UK Parliament Probing Freeports System
The U.K. Parliament’s Business and Trade Committee launched an inquiry into the country’s freeports and investment zones to study their impact on trade so far (see 2103250025). The committee is accepting “evidence submissions” on the topic until Sept. 8, asking for feedback on the “current status” of England’s freeports and investment zones, whether the “current governance structures for freeports” are “adequate,” whether the government is “providing the support required for freeports to become a success” and more.
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The committee said England has so far set up eight freeports, which offer relaxed customs duties to attract trade, and plans to introduce eight investment zones in England and 12 total throughout the U.K. Although the country hopes the ports and investment zones will “transform regional economies,” it doesn’t yet “have an agreement on how success should be measured,” said Darren Jones, chair of the committee.