Major UAE entities join World Logistics Passport initiative to boost South-South trade

Three leading institutions in the UAE have joined the World Logistics Passport (WLP), a global initiative that aims to boost business opportunities among developing markets. The new joiners are Etihad Credit Insurance (ECI), flydubai, and Dubai Multi Commodities Centre (DMCC). The initiative will help 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 more freely.

“We welcome ECI, DMCC, and flydubai to the WLP team, mobilizing infrastructure and expertise to make trade quicker, easier and more cost-effective. 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,” stated Sultan Ahmed bin Sulayem, the group chairman and chief executive officer of DP World, which is already part of the WLP.

Meanwhile, according to Ahmed Bin Sulayem, DMCC’s executive chairman and chief executive officer, “DMCC is proud to enhance the ease of doing business and create more trade opportunities between different markets and for its 18,000 members by joining the WLP. 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. Such initiatives also allow us to continue to attract, facilitate, and drive trade flows through Dubai and maintain the Emirate’s position as a leading trade hub.” 

The WLP aims to tap into over 20 markets, representing 54% of the global economy. By 2023, the initiative is projected to have almost a 2% impact on international trade. Countries such as Colombia, Senegal, and Kazakhstan have formally joined, while Brazil, Uruguay, and South Africa have also registered as partners.

“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,” said Massimo Falcioni, chief executive officer of ECI.

The WLP was launched at the 2020 World Economic Forum in Davos, 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, and connection of customs departments to global knowledge-sharing networks. Unlocking new trade benefits and minimizing friction will allow countries to gain access to new markets, diversify trade, and increase market shares in developing economies' key export products.

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