UAE - Mubasher: Three leading institutions in the UAE have joined the World Logistics Passport (WLP), an initiative aiming to boost trading between developing markets.
The Emirati institutions comprise Etihad Credit Insurance (ECI), Dubai Multi Commodities Centre (DMCC), and flydubai, according to a press release on Tuesday.
The WLP enables nations and regions to have access to new markets, raises market shares in key export products in developing economies, and creates a resilient supply chain.
Launched at the 2020 World Economic Forum in Davos, the initiative aims to establish a connection with more than 20 markets, accounting for 54% of global GDP.
By 2023, the WLP, led in collaboration with key partners in Dubai including dnata and DP World, is expected to have around 2% impact on global trade.
The other countries that joined the WLP are Colombia, Senegal, and Kazakhstan, while Brazil, Uruguay, and South Africa have registered as partners.
The Group Chairman and CEO of DP World, Sultan Ahmed bin Sulayem, said: "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."
