UAE’s three leading entities, Etihad Credit Insurance (ECI), Dubai Multi Commodities Centre (DMCC), and Flydubai have joined the World Logistics Passport (WLP), a major initiative launched to increase trading opportunities between the developing markets.
The WLP initiative aims to improve resilience in global supply chains and remove trade barriers facing developing economies.
Unlocking the trade benefits helps countries and regions to gain access to new markets, to diversify trade in existing goods, and to expand market shares in developed economies’ primary export products, said Dubai-based ports operator, DP World, which is already part of the initiative.
Sultan Ahmed bin Sulayem, Group Chairman, and CEO, DP World 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 commend the huge efforts of DP World to facilitate trade operations between developing markets regionally and globally. ECI is extremely proud to be part of the WLP team as it reflects our commitment to extend utmost support to UAE-based businesses through this innovative loyalty program that will help them obtain maximum possible benefits from their trading operations. This collaboration further mirrors our mandate to boost the competitiveness of UAE exporters and protect their receivables when operating in international markets.”
“The transformation of logistics, supply chains, and distribution channels through projects such as this one without a doubt add immeasurable value to world trade and unlock a host of opportunities,” commented Ahmed Bin Sulayem, executive chairman, and chief executive of DMCC.
Ghaith Al Ghaith, chief executive of Flydubai said, “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 target of the WLP is to tap into over 20 countries, representing 54 percent of the world’s gross domestic product and, it is expected to have an effect of approximately 2 percent on global trade by 2023.