UK plans to establish freeports to boost post-Brexit trade

Britain has planned to create up to 10 Freeports after Brexit, and a new Freeports Advisory Panel to advise the government on their establishment was announced Friday.

According to the Department for International Trade (DIT), these Freeports will be created in ports and airports across the country after the country leaves the European Union (EU).

DIT said the future Freeports are hubs for business and enterprise for both manufacturing and services trade, free of unnecessary checks and paperwork, and including customs and tax benefits. They will ensure Britain's port cities and airports are ready to take full advantage of post-Brexit opportunities.

More details on how ports and airports in Britain will be able to bid for Freeport status will be announced soon.

"Freedoms transformed London's Docklands in the 1980s, and Freeports will do the same for towns and cities across the UK," said Liz Truss, British International Trade Secretary.

"We will have a truly independent trade policy after we leave the EU on October 31. 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.