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The coronavirus crisis reinforced the need for faster and freer trade to allow businesses to succeed and economies to flourish, especially in emerging markets. It also prompted some nations to raise trade barriers. Coronavirus aside, those working in the freight business are only too well aware of the frustrations of delays at customs, whatever the reason. Now more than ever, it is vital to cut out unnecessary delays and frictions in the global supply chain.
The World Logistics Passport (WLP) is cutting through such barriers and fostering global trade co-operation. The WLP overcomes non-tariff trade barriers by fast-tracking cargo movement, reducing administrative costs, advancing cargo information, and facilitating movement between ports and air. This allows businesses to take advantage of new commercial opportunities and improve their resilience.
Gaining in recognition
The benefits of the WLP are quickly becoming appreciated. It creates opportunities for business across Africa, Asia, Central and South America to improve existing trading routes, and develop new ones, through the world’s first logistics loyalty program for freight forwarders and traders.
Benefits of being a part of the WLP community include cost and time savings, and faster customs clearances. Unlocking these benefits allows nations and regions to gain access to new markets, diversify trade in existing products, and increase market share in key export products in developing economies. The WLP is unique in having the scale and capabilities to develop partnerships with key logistics entities while securing the support of customs authorities and top government ministers.
As a worldwide smart end-to-end supply chain and logistics firm, DP World is at the forefront of developing and expanding the WLP’s footprint. DP World helped to launch the WLP at the 2020 World Economic Forum in Davos, announcing that it would bring together DP World, Dubai Customs, Emirates SkyCargo and Dnata, the Dubai National Air Travel Agency to deliver the service.
From the top
Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World, has been leading the drive to bring more companies and countries on board – alongside Mike Bhaskaran, Chief Executive of the WLP.
In January, three leading institutions joined the WLP: Etihad Credit Insurance (ECI), Dubai Multi Commodities Centre (DMCC), and flydubai. Massimo Falcioni, Chief Executive at ECI, paid tribute to DP World’s leadership.
“We commend the huge efforts of DP World to facilitate trade operations between developing markets regionally and globally,” he said. “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 programme.”
Mr Falcioni said the program will help businesses obtain maximum possible benefits from their trading operations. He added that the initiative helps to boost the competitiveness of UAE exporters and protect their receivables when operating in international markets.
More than 10 countries are now part of the major policy initiative – trading nations include Brazil, Indonesia, and South Africa, amongst others. In addition, major multinational corporations including UPS, Pfizer, Sony, Johnson & Johnson, and LG are also engaged with the WLP.
Since its launch, the World Logistics Passport has been welcomed by governments and business around the world for the numerous benefits it delivers to local economies, traders, and homegrown business. Its rapid and continued inclusion of new members and partners underscores the importance of increasing trading opportunities between emerging markets.