ABSTRACT
The world’s first documented free-trade zone was established on the Greek Island of Delos in 166 BCE, and lasted until about 69 BCE when the island was overrun by pirates. The Romans had many Civitas Libera, or free cities, some of which could create their own money, establish their own laws, and not pay an annual tribute to the Roman Emperor. The Shannon Zone was established to help the adjacent international airport adjust to a radical change in aircraft technology that permitted longer range aircraft to skip previously-required refuelling stops in Shannon. Corporations establishing operations within a zone may be given a number of regulatory and fiscal incentives, such as the right to establish a business, the right to import parts and equipment without duty, the right to keep and use foreign exchange earnings, and sometimes income or property tax breaks.
