Pilot roll-out increased trade by participants by 10 percent
Dubai brought together Government leaders and heads of major corporations from Asia, Latin America and Africa for the World Economic Forum Davos launch of the World Logistics Passport, a major initiative to boost South-South trade.
The World Logistics Passport links Customs World, DP World, and Emirates Group to enhance connectivity through Dubai and, through expertise sharing and process development, directly between partner countries.
The introduction of this pilot project, operational since July 2019, has already increased trade by participants by 10 percent.
The World Logistics Passport has been designed to overcome the non-tariff trade barriers, such as logistics inefficiency, that currently limit the growth of trade between developing markets.
South-South trade is already worth an estimated US$ 4.28 trillion annually, more than half of total developing countries exports in 2018, according to the WTO. However, many countries in Asia, Latin America and Africa have much smaller market shares in key export products in each other’s markets compared to their shares in developed countries, indicating the potential for substantial further growth, boosting prosperity.
Designed as a points loyalty scheme, the initiative has been set up to incentivise companies and traders to use Dubai’s world-leading logistics facilities in return for cost and time savings and enhanced customs clearances.
“The World Logistics Passport will make trade through Dubai quicker, easier and more cost-effective, and help develop the economies of our partner countries,” noted Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, and Chairman of Ports, Customs and Freezone Corporation (PCFC), Dubai.
