Logistics Passport: A game-changer for Dubai trade.

Logistics Passport: A game-changer for Dubai trade.

The WLP will be playing an instrumental role in Dubai’s plan to increase the emirate’s existing trade exchange from Dh1.4 trillion to Dh2 trillion in the next five years.

The UAE has strongly established itself as a strategic logistics hub between the East and West and initiatives such as the World Logistics Passport (WLP) are set to drive global trade in coming years, expert say.

Analysts, experts and corporate executives said the WLP will be playing an instrumental role in Dubai’s plan to increase the emirate’s existing trade exchange from Dh1.4 trillion to Dh2 trillion in the next five years. The programme has already increased its participants’ trade by around 10 per cent and similar growth is expected this year.

“In 2021, we’ve seen the WLP go from strength to strength — validating a concept conceived at the World Economic Forum in Davos in 2020. Core to the WLP’s strategy is the integration of land, sea and air freight,” said Mike Bhaskaran, chief executive officer of the WLP.

As many as 11 countries have joined the Dubai-led initiative so far. Industry stakeholders said the WLP creates opportunities for businesses across Africa, Asia, Central and South America to improve existing trading routes and develop new ones.

It addition, the programme overcomes non-tariff trade barriers by fast-tracking cargo movement, reducing administrative costs, advancing cargo information and facilitating movement between ports and air.

“The World Logistics Passport will allow participating nations to gain access to new markets, diversify trade and increase market shares in key export developing countries,” Saad Maniar, senior partner at Crowe, said.

“As countries see the benefits of being part of this programme, over the years the participation will increase,” he added