Welsh Government says it is open to having a freeport in Wales but has set out the terms for any agreement.
The Government in Wales has come under fire from UK Government for a lack of enthusiasm for freeports - with eight tariff free zones already named in England.
But Welsh Government has said that the offer on the table is £8m - which is far less than freeports will receive in England, which is around £25m.
Holyhead has been tipped as a potential site for freeport status - with Ynys Mon MP Virginia Crosbie leading the campaign.
Freeports offer breaks on duties and tariffs as well as business rate and planning benefits and she says it will bring thousands of jobs.
But critics say freeports could just lead to ‘economic displacements’ by simply relocating jobs.
Welsh Ministers said it remained open to further discussion, subject to the UK Government’s agreement on three areas:
■ Joint decision making - including setting the criteria for bids, assessing bids and awarding freeport status.
■ Conditionality – to ensure the implementation of freeports reflects Welsh Ministers’ values and priorities, particularly in respect of environmental standards, fair work and social partnership.
■ A fair funding settlement - that neither disadvantages Freeports in Wales nor requires us to divert millions of pounds away from other priorities.
Economy Minister Vaughan Gething and Finance and Local Government Minister Rebecca Evans will give evidence to the House of Commons’ Welsh Affairs Committee today.
Mr Gething said: “We remain open to the idea of having a freeport in Wales, but creating one here would require the use of devolved powers.
"However, as it stands, the UK Government has not agreed to our request for joint decision making, and no appropriate funding has been offered."
Ynys Môn Senedd Member Rhun ap Iorwerth has sought assurance from Welsh Government that work is done to understand exactly what benefits, as well as potential negative impacts, could come from giving Holyhead freeport status.
