Consider the following statements on Special Economic Zone SEZ 1 SEZ is a geographical region deemed...........

Economic Affairs Foreign Trade - Trends and Policy

Consider the following statements on Special Economic Zone (SEZ):

1. SEZ is a geographical region deemed to be foreign territory for the purposes of trade operations and duties and tariffs.

2. Economic laws are more liberal in SEZ.

3. Only State government or its agencies can set up an SEZ in India.

4. Establishment of SEZs are confined only to the developing countries.

Which of the above statements are correct?

1, 2 and 3 only

2 and 4 only

1, 2 and 4 only

1 and 2 only

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Explanation:

Special Economic Zone (SEZ) is a specifically delineated duty-free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs. In order words, SEZ is a geographical
region that has economic laws different from a country's typical economic laws. Usually the goal is to increase foreign investments. SEZs have been established in several countries, including China, India, Jordan, Poland,
Kazakhstan, Philippines and Russia. Any private/public/joint sector or state government or its agencies can set up an SEZ.