The Ruler of Dubai has hailed the expansion of the first-ever World Logistics Passport (WLP) to a "global network of trade megahubs in 11 nations".
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, had launched the first-ever global freight loyalty programme - WLP - at the World Economic Forum in Davos last year to increase opportunities for trade between emerging markets.
India, Indonesia, Thailand, Brazil, Colombia and South Africa are among the nations that have signed on to the Dubai-led World Logistics Passport in the past 12 months.
"In just one year, we have taken the WLP from vision to reality, bringing together a number of leading nations, logistics partners and multinational corporations in a close-knit alliance focused on trade growth," highlighted Sheikh Mohammed.
"The WLP demonstrates once again the UAE’s keenness to work together with other nations to enhance prosperity and expand growth opportunities for businesses at a time when global markets are seeking to renew their momentum for growth.
"The UAE continues to work with its partners to introduce new initiatives that stimulate trade growth regionally and globally, leveraging its vast expertise in facilitating global trade and its capabilities and experience gained over the years to explore expanded opportunities and create new economic value," His Highness added.
The WLP allows traders and freight forwarders to access benefits in return for increased trade in each of the programme’s hubs. By connecting into the WLP network of fast-growing economies, member businesses have the opportunity to diversify into new markets such as Latin America, South Asia or Africa while shoring up their regional connectivity.
Many major multinational corporations, including UPS, Pfizer, Sony, Johnson & Johnson, and LG have already registered as WLP members. The network offers over a hundred operational and financial benefits to high-performing businesses.
For governments, the WLP promises improved competitiveness and economic resilience during a time when global markets are seeking to accelerate recovery amidst unprecedented uncertainty in the face of COVID-19 and its implications for global trade. By reducing costs and increasing the efficiency of the logistics value chain, the WLP is helping firms to remain internationally competitive.
His Highness Sheikh Ahmed bin Saeed al Maktoum, President of the Dubai Civil Aviation Authority, Chairman and CEO of the Emirates Group and Chair of the World Logistics Passport Global Steering Group, noted: " We are very proud that Dubai has been at the centre of this exciting and novel initiative. The WLP reinforces Dubai’s growing status as a major global hub for multimodal trade while connecting other nations with similar aspirations in order to drive global trade and economic recovery."
Sultan Ahmed bin Sulayem, Chairman of Dubai's Ports, Customs and Free Zone Corporation which oversees the WLP, commented: "The rapid development of the WLP demonstrates the world class capabilities that Dubai has developed in the area of trade and logistics, led by key partners such as DP World, Emirates Group and Dubai Customs. These capabilities can be extended to support not only Dubai but also the wider WLP network of trading nations."