Dubai's Environment Logistics Passport expands global network of trade hubs to 11 countries

The Community Logistics Passport, a Dubai-led initiative designed to boost trade between producing markets, has expanded its global network of trade hubs to four continents and 11 countries, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said on Saturday.

India, Indonesia, Thailand, Brazil, Colombia and South Africa possess signed to the WLP during the past 12 a few months, Sheikh Mohammed said found in a statement on express news agency Wam.

Launched at the 2020 World Economic Discussion board in Davos, the WLP aims to improve resilience in global source chains and take away trade barriers facing producing economies. It really is planning to tap into more than 20 market segments representing 54 per cent of global gross domestic product and by 2023, is usually projected with an impact of about 2 per cent on global trade.

“In just twelve months, we've taken the WLP from eyesight to reality, bringing together several leading nations, logistics partners and multinational corporations found in a close-knit alliance centered on trade progress,” Sheikh Mohammed said.

“The WLP demonstrates once again the UAE’s keenness to interact with different nations to improve prosperity and expand expansion opportunities for businesses at the same time when global markets are seeking to renew their momentum for expansion.”

In January, Etihad Credit Insurance, the Dubai Multi Commodities Center and flydubai signed up to the initiative, joining ports operator DP World, Dubai Customs, Emirates airline and Dnata, as well as other countries including Senegal, Kazakhstan and Uruguay, the WLP said.

Benefits range between increased trade earnings for businesses, increased charge generation for state trade authorities, taxes revenues, interconnection of customs departments and global knowledge sharing networks.

South-south trade between growing countries on Asia, Africa and Southern America represented an estimated US$2.48 trillion, or 52 %, of total developing economies’ exports, in line with the World Trade Organisation’s World Trade Statistical Review 2019 report.

“By connecting in to the WLP network of fast-developing economies, member businesses have the possibility to diversify into brand-new markets such as for example Latin America, South Asia or Africa while shoring up their regional connection,” the Wam assertion said.

Multinational corporations, including UPS, Pfizer, Sony, Johnson & Johnson and LG have already registered as WLP members, it added.

"The UAE continues to utilize its companions to introduce brand-new initiatives that stimulate trade growth regionally and globally, leveraging its vast knowledge in facilitating global trade and its own capacities and experience gained through the years to explore expanded prospects and create new monetary benefit," Sheikh Mohammed added.