The location of Wales' first freeport is expected to be revealed this spring. The Welsh and UK governments are currently jointly assessing the three bids put forward.
The winner will benefit from £26m in seed funding from the Westminster administration, the similar funding deal secured by freeports in England and Scotland. Currently England has eight freeports and Scotland unveiled the two selected bids for its first green freeports last month.
A Welsh freeport will be a special zone with the benefits of simplified customs procedures, relief on customs duties, tax and rates relief, streamlined planning, and wider government support for trade, investment and innovation. Goods entering freeports would not have to pay tariffs, import VAT or excise duty until they leave the freeport and enter the domestic UK market.
