The Siberian Times reports Russia’s Vladivostok is to become the nation’s first ‘free port’ by July, 2015.
In order to boost trade and support the wider economy, the new status would allow some tax incentives, less strict customs regulations, and a lower cost for ships berthing at this port. Vladivostok is strategically placed with borders close to China and North Korea, creating a ‘free port’ will allow stronger ties to be developed with Asian nations, particularly China.
The idea to make Vladivostok a free port again came from to Mindalvostokrazvitiya – the Ministry of Development of the Far East – and following the President’s announcement officials will draw up a plan to facilitate the new customs regime.
In addition, the President said he is keen to push ahead with the development of the Northern Shipping Route, giving more efficient access to Europe across the Arctic.
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