The World Logistics Passport (WLP), a major initiative launched to increase trading opportunities between the developing markets, has been expanded into a global network of trade mega hubs in 11 nations.
The first-ever global freight loyalty program was launched under the directives of the Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum at the World Economic Forum in Davos, Switzerland.
The Dubai-led program is currently being implemented in 11 countries across four continents. In the last year, countries such as South India, Indonesia, Thailand, Brazil, Colombia, and South Africa have joined the initiative.
“The World Logistics Passport is yet another major initiative that reflects the UAE’s vision to shape a brighter future for our world through innovative programs that foster global trade cooperation. In just one year, we have taken the WLP from vision to reality, bringing together several leading nations, logistics partners, and multinational corporations in a close-knit alliance focused on trade growth. 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 provides incentives to traders and freight forwarders in exchange for increased trade in each of the program’s hubs. Member businesses can diversify into new global markets such as Latin America, South Asia, and Africa while also strengthening their regional connectivity by linking to the WLP network of fast-growing economies.
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.
The WLP promises enhanced competitiveness and economic resilience for governments at a time when global markets are attempting to accelerate recovery in the face of unprecedented uncertainty in the face of COVID-19 and its consequences for global trade. By reducing costs and increasing the efficiency of the logistics value chain, the WLP is helping firms to remain internationally competitive.
Sheikh Ahmed bin Saeed al Maktoum, Chair of the World Logistics Passport Global Steering Group said, “We are very proud that Dubai has been at the center 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 to drive global trade and economic recovery.”
“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,” commented Sultan Ahmed bin Sulayem, Chairman of Dubai’s Ports, Customs, and Free Zone Corporation which oversees the WLP.