UAE: the World Free Zones Organization (WFZO) is born

New 14-member body to oversee free-trade zones around the globe

20 May, 18:08

    DAFZA is one of a number of free zones operating in Dubai DAFZA is one of a number of free zones operating in Dubai

    (ANSAmed) - DUBAI - The brand-new World Free Zones Organization (WFZO), a multinational body with 14 founding member countries, was inaugurated in Dubai ceremony at the weekend.

    Representing free-trade zones in Africa, China, Europe, Latin America, the United Arab Emirates, and the United States, the WFZO aims to standardize their business methods and analytical parameters, making them available to members, governments, businesses, and analysts.

    ''It is a platform for debating issues in common and for learning from mutual experience'', explained WFZO Chairman Mohammed al-Zarooni.

    Slave labor and exploitation will also be of interest to the WFZO, sources said.

    Registered in Geneva, the WFZO will be permanently headquartered in Dubai, which has 22 free-trade zones in its territory and which will finance the new body for the first three years.

    After that, it will support itself through membership dues. All United Nations members and multinational bodies such as the World Trade Organization (WTO) are eligible for membership.

    (ANSAmed).

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