The World Logistics Passport (WLP) has signed a Memorandum of Understanding (MoU) with the Bahraini Ministry of Transportation and Telecommunications. This agreement will allow the Kingdom of Bahrain to access global markets and offers businesses direct benefits.
Kamal bin Ahmed Mohammed, Minister of Transportation and Telecommunications, for the Kingdom of Bahrain, said,
"We are proud to be part of the WLP and to offer our business community the opportunities that come with this agreement, including facilitated trade to the vast network of WLP partners.
"Bahrain has long been known for its business- friendly environment and transparent regulations and our integrated logistics industry is one of the areas which we believe offers true value to businesses. This new agreement will further enhance this offering and we are confident that the private sector will leverage this opportunity".
Sultan Ahmed Bin Sulayem, Chairman of Dubai Ports, Customs and Freezone Corporation (PCFC), said,
"The new agreement between the WLP and Bahrain represent an increased commitment to further deepen close trading ties with one another, and with the world. And as Bahraini businesses seek to expand their customer base and grow new revenue streams, the WLP will also serve to provide them with smoothed trade flows and new market opportunities through the program’s global footprint."
With Bahrain’s exports to the UAE’s increase by almost a three-fold between 2016 and 2019, and 30% of the country’s total exports landing on Emirati shores in 2019, the new agreement ensures that Bahraini traders and businesses are well placed to maximize the benefits associated being a WLP Gateway.
Beyond deepening the close trading relations between the two GCC countries, WLP participation also extends Bahrain’s access to global trade routes, providing increased international market opportunities for the country’s $13.2bn-worth of exports and supporting local companies to generate high-quality domestic employment opportunities.
In addition, participation in the WLP as a Gateway will offer Bahraini traders and freight forwarders the opportunity to access a global network of benefits for more cost-effective and efficient cargo trade via the WLP Hub in Dubai, where WLP Partners include Emirates SkyCargo, dnata, DP World and Trakhees. Direct benefits include fast-tracking of cargo movement, reducing administrative costs, advancing cargo information, and facilitating trade across borders.
News Source: Emirates News Agency