About Free Trade Zone (FTZ)
For economies seeking to foster its trade volumes, the strategic management of Special Economic Zone (SEZ) or Free Trade Zone (FTZ) can significantly impact the economy’s overall trade performance and boost economic development.
Acting as a one-stop service for timely and accurate collection of FTZ operation and security information, the FTZ Management solution improves competitiveness by enhancing operational efficiency. Stakeholders stay abreast of market demands and competitions with precise communication and improved transit operation data submission.
Streamlined documentation processes reduce cost and allow businesses operating in the SEZ/FTZ to efficiently exchange information with various government agencies.
One of the world’s largest Free Trade Zones – the Colon Free Zone – is a key entity to the Panama Canal. Playing a crucial role in Panama’s economy, Our Free Trade Zone solution was awarded the prestigious Premio Nacional de Innovación Gubernamental (Government National Innovation Award) in 2012.
Panama’s Free Zone utilizes Electronic Commercial Movement Declarations (CMD) for the electronic submission of declarations to customs and banks which reduces processing time and accelerates business results for all stakeholders in the zone.Importers may capitalise on the benefits that the free zone confers through efficient compliance and avoid penalties that may obliterate any financial advantages.
Capable of integrating with local customs and adding new features with minimal disruption to the existing trade processes, the scalable solution can operate as a standalone system or be deployed with other functional components of TFP for future expansion. FTZ Management system complements zone operator’s efforts in maintaining the overall development and growth of the SEZ/FTZ.