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20-589: Gwangyang is at the centre of development for the Gwangyang Bay Area Free Economic Zone (GFEZ), the third-largest among the six free economic zones of South Korea, covering 92.7 square kilometers. The Free Economic Zone focus on port container handling, steel production, shipbuilding as well as leisure facilities. The area has become a mega business hub, exploiting its accessibility to China. Famous people from Gwangyang include National Intelligence Service head Kim Seung-kew . To

40-427: A class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries . The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity . The taxation rules and duties are determined by each country. The World Trade Organization (WTO) Agreement on Subsidies and Countervailing Measures (SCM) has content on

60-647: A specific type of special economic zone, for example LADOL . All "free ports" in the world were permitted by the respective states, save the Free Port of Trieste that with the signing of the 16th Resolution of the Security Council of the United Nations (10 January 1947) and the signing of the Treaty of Peace with Italy (10 February 1947, ratified 15 September 1947) was put territorially under

80-511: Is 13.7 °C (56.7 °F), the average in January is 0.1 °C (32.2 °F), and the average in July is 27.8 °C (82.0 °F). The average yearly precipitation is 1,296 mm (51.02 in) As of October 14, 2007, plans are being set up and a referendum is being planned for a merging of the cities of Yeosu , Suncheon and Gwangyang into a new metropolitan city, taking advantage of

100-467: Is also a tourist destination for many people, attracting more than 300,000 people from around the globe. Gwangyang is a strategically important city situated in the southern center of the Korean peninsula. For these geopolitical reasons, Gwangyang is a city which functions as an axis for the balanced development of the country covering South Jeolla area with western parts of Mokpo and Muan . Gwangyang

120-494: Is home to many unique natural and cultural sites as well as many different festivals during the four seasons. Points of interest include: The festivals include: Gwangyang is famous for its beautiful apricot trees. In Korean, the ume flower is called maehwa ( 매화 ) and it has been honored for its early blooming. Because of its characteristic, the Gwangyang Maehwa Festival is the earliest opened festival in

140-483: Is material injury to the competing domestic industry, the Department of Commerce will instruct U.S. Customs and Border Protection to levy duties in the amount equivalent to subsidy margins. Petitions for remedies may be filed by domestic manufacturers or unions within the domestic industry, but the law requires that the petitioners represent at least 25% of the domestic production of the goods for which competition

160-660: The sovereignty of the United Nations itself. As cited on Annex VIII, Article 3, paragraph 2: "The establishment of special zones in the Free Port under the exclusive jurisdiction of any State is incompatible with the status of the Free Territory and of the Free Port" . For example, it was not possible to apply the "Italian Law on Ports" in the extraterritorial free zones of the UN Free Port of Trieste with

180-768: The Gwangyang Bay Free Economic Zone, Yeosu's Expo 2012 bid and port facilities, Suncheon's educational institutes and Gwangyang's POSCO plant. [1] The Steel Works in Gwangyang is POSCO's second mill in the country after the mill in Pohang . The mill boasts having the largest steel plant in the world, the most modern technology, and the best facilities for steel manufacturing . It presently produces coil used for making bridges , iron structures, cars , refrigerators, and more. Its production capacity averages about 18 million tons per year. This plant

200-541: The commission cited Swiss authorities' 2016 seizure of cultural relics looted from the Middle East being stored in Geneva's free ports. The free port system has been accused of facilitating international art crime, allowing stolen artworks to remain undetected in storage for decades. Freeports' lax regulation enables criminals to operate in secrecy. Freeports may facilitate money laundering and tax evasion by obscuring

220-528: The conditions and benefits of free zones. Some special economic zones are called free ports or free trade ports . Sometimes they have historically been endowed with favorable customs regulations, such as the free port of Trieste , or the newer free trade port on Hainan Island . The definition should be understood in meaning The International Convention on the Simplification and Harmonization of Customs Procedures (Revised Kyoto Convention) uses

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240-432: The effect that all actual territorial concessions were null and void. In 1954, the Free Territory of Trieste was dissolved and given to its neighbours, Italy and Yugoslavia. The European Union, in 2020, introduced new stricter rules to identify and report suspicious activities at free ports and zones in response to the "high incidence of corruption, tax evasion, and criminal activity", with a further review to take place in

260-470: The following year, The European Parliament suggested that increasing demand for free ports could be partly a response to global crackdowns on tax evasion. The European Commission in a report said that free ports were popular for the storage of art, precious stones, antiques, gold, and wine as alternative assets to cash, and posed an emerging threat in multiple ways: allowing counterfeiters to land consignments and tamper with loads and paperwork, then re-export

280-617: The importing country. These duties aim to counterbalance the adverse impacts of such subsidies. According to World Trade Organization rules, a country can launch its own investigation and decide to charge extra duties, provided such additional duties are in accordance with the GATT Article VI and the GATT Agreement on Subsidies and Countervailing Measures. Since countries can rule domestically whether domestic industries are in danger and whether foreign countries subsidize

300-677: The north of the city is the county of Gurye, to the east along the Seomjin River is the county of Hadong in Gyeongsangnam-do, and to the south is the Gwangyang Bay. Mountains in the city include Baegunsan (백운산, 1,217m), to the south is Gayasan (가야산, 497m) and Gubonghwasan (구봉화산, 473m). Baegunsan is the second-highest mountain in Jeollanam-do with the exception of Jirisan (지리산, 1,915 m). The average yearly temperature

320-503: The products without customs formalities, disguising the actual origin and nature of the goods and their supplier. The commission said they were also used for narcotics trafficking, the illegal ivory trade, people smuggling, VAT fraud, corruption and money laundering. "Legal businesses owned by criminals remain key to money-laundering activities... free ports are perceived as facilities that protect their clients'' identity and financial dealings, much as private banks used to." As an example,

340-524: The products, the institutional process surrounding the investigation and determinations has significant impacts beyond the countervailing duties. Countervailing duties in the U.S. are assessed by the International Trade Administration of the U.S. Department of Commerce which determines whether imports in question are being subsidized and, if so, by how much. If the U.S. International Trade Commission determines that there

360-439: The real beneficial owners of criminal assets, which hinders authorities' efforts to trace criminal profits and recover taxes. Countervailing duties Countervailing duties ( CVDs ), also known as anti-subsidy duties , are trade import duties imposed under World Trade Organization (WTO). They are applied following an investigation that determines a foreign country's subsidies on exports have harmed domestic producers in

380-571: The term “free zones” which the revised convention describes as “a part of the territory of a Contracting Party where any goods introduced are generally regarded, insofar as import duties and taxes are concerned, as being outside the customs territory ”. According to the World Bank, the main types of special economic zones are: An early type of special economic zone was free ports , these historically were endowed with favorable customs regulations. In modern times, free port has come to mean

400-616: The whole South Jeolla Province area. Other festivals in Gwangyang are the Baegunsan Mountain Gorosoe Festival, Seomjingang Culture Festival and the Gwangyang Sutbulgui Festival. Gwangyang is twinned with: 34°56′N 127°41′E  /  34.933°N 127.683°E  / 34.933; 127.683 Free economic zone Free economic zones ( FEZ ), free economic territories ( FETs ) or free zones ( FZ ) are

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