‘They will onshore enterprise and manufacturing as the gateway to our future prosperity, creating thousands of jobs.’
‘I look forward to working with the Freeports Advisory Panel to create the world’s most advanced Freeport model and launch the new ports as soon as possible,’ she added.
Ms Truss argued that the creation of Freeports would be the sign of a trade policy ‘truly independent’ from the EU.
A report from the European Commission published last month stated that Freeports were ‘lawful’ within the union so long as they respected EU state aid rules and the Code of Conduct on business taxation.
It warned, however, that free-trade zones run the risk of encouraging counterfeiting.
‘Free-trade zones may pose a risk as regards counterfeiting, as they allow counterfeiters to land consignments, adapt or otherwise tamper with loads or associated paperwork, and then re-export products without customs intervention, and thus to disguise the nature and original supplier of the goods,’ the report reads.
It also linked them to ‘VAT fraud, corruption and money laundering.’
The Government has appointed Tom Clougherty, the head of tax at the think tank Centre for Policy Studies, to be on the panel.
‘I'm delighted to have been appointed to the Freeports Advisory Panel. Freeports offer a proven way to boost trade, investment, and regional development,’ Mr Clougherty said.
‘The Government wants to capitalize on the economic opportunities presented by Brexit to reinvigorate Britain’s regions, and this is a great place to start.’
This article first appeared on localgov.co.uk.