Tuesday 23 March 2021
The World Logistics Passport (WLP), the first-ever global freight loyalty program launched at the World Economic Forum in Davos in 2020 to increase opportunities for trade between emerging markets, has expanded into a global network of trade megahubs in 11 nations.
The Dubai-led program is being rolled out in 11 countries across four continents spanning the global South. India, Indonesia, Thailand, Brazil, Colombia, and South Africa are among the nations that have signed on to the WLP in the past 12 months.
The WLP reflects the UAE’s vision to shape a brighter future for the world through innovative programs that foster global trade cooperation. It demonstrates the UAE’s keenness to work together with other nations to enhance prosperity and expand growth opportunities for businesses at a time when global markets are seeking to renew their momentum for growth.
The WLP allows traders and freight forwarders to access benefits in return for increased trade in each of the program’s hubs. By connecting into the WLP network of fast-growing economies, member businesses have the opportunity to diversify into new markets such as Latin America, South Asia, and Africa while shoring up their regional connectivity. Many major multinational corporations, including UPS, Pfizer, Sony, Johnson & Johnson, and LG have already registered as WLP members. The network offers over 100 operational and financial benefits to high-performing businesses.
For governments, the WLP promises improved competitiveness and economic resilience during a time when global markets are seeking to accelerate recovery amidst unprecedented uncertainty in the face of COVID-19 and its implications for global trade. By reducing costs and increasing the efficiency of the logistics value chain, the WLP helps firms to remain internationally competitive. Beyond the boost to headline trade figures, the WLP will have knock-on effects for the wider economy through the creation of high-quality jobs and enhanced investment.
The progress of the WLP network will be showcased during the inaugural World Logistics Passport e-Summit in May 2021. Tagged 'the Davos of freight', the e-Summit will see the meeting of government ministers, global policymakers, and business leaders to discuss the future of global freight and logistics across two virtual sessions.