Three leading institutions in the UAE on Tuesday announced they have joined the World Logistics Passport (WLP), a major initiative established to increase trading opportunities between developing markets.
The WLP is helping to reimagine how goods and services move around the world, increase resilience in global supply chains and remove the barriers that prevent developing economies from trading as freely as they might. The new joiners are Etihad Credit Insurance (ECI), Dubai Multi Commodities Centre (DMCC) and flydubai.
Unlocking these benefits allows nations and regions to gain access to new markets, diversify trade in existing products towards new markets, and increase market shares in key export products in developing economies. The WLP aims to tap into over 20 markets, representing 54 percent of Global GDP. By 2023, the WLP is projected to have about 2 percent impact on global trade.
Colombia, Senegal and Kazakhstan have formally joined the initiative. Brazil, Uruguay and South Africa have also registered as partners.
Commenting on the announcement, Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, and Executive Chairman and CEO of DMCC, stated,
"South-South trade has substantial potential for generating more growth as developing countries in Africa, Asia and South America move to bolster their trade volumes with each other.
DP World is proud to be part of Dubai’s initiative to remove impediments to South-South trade and increase prosperity, building on the city’s position as a global logistics hub. We welcome ECI, DMCC and flydubai to the WLP team, mobilising infrastructure and expertise to make trade quicker, easier and more cost-effective."
In turn, Massimo Falcioni, CEO of ECI, said that this collaboration "further mirrors our mandate to boost the competitiveness of UAE exporters and protect their receivables when operating in international markets."
For his part, Ghaith Al Ghaith, CEO of flydubai, commented,
"flydubai has always been committed to facilitating trade and connectivity through Dubai’s aviation hub, and by joining the World Logistics Passport, we have taken this a step further. We are delighted to support the Dubai Silk Road initiative and we look forward to providing cargo solutions across the flydubai network and beyond through our partnership with Emirates SkyCargo."
The WLP was launched at the 2020 World Economic Forum in Davos, and bringing together Dubai Customs, DP World, Emirates and Dnata. Over 65 benefits will be available to members and partners, ranging from increased trade revenue for businesses, increased fee generation for state trade authorities, tax revenues, connection of customs departments, to global knowledge sharing networks.
A pilot project, operational since July 2019, has already increased trade between members by more than 10 percent.
News Source: https://www.wam.ae/en/details/1395302904409
