Dubai recently launched the World Logistics Passport, an initiative focused on South-South trade. Dubai’s World Logistics Passport associates Customs World, DP World and Emirates Group to boost connectivity through the emirate.
South-South trade is an exchange of resources, technology and knowledge between developing countries. It is currently worth $4.28 trillion annually, which estimates to more than half of developing countries’ exports in 2018, according to the World Trade Organisation.
The World Logistics Passport was launched at the World Economic Forum in Davos. It has been developed to overcome non-tariff trade challenges that dwarf trade between developing economies, the media reports said.
The World Logistics Passport will allow partner countries to tap into DP World’s existing global logistics network of ports and economic parks, Emirates’ worldwide Dnata and SkyCargo network, and Dubai’s expertise in customs and trade governance, the media reports said. With that, these partner countries will be able to seamlessly improve their trade capabilities, transforming themselves into global trade hubs.
This in turn will ensure ease of moving goods in Dubai and improve trade routes between Latin America, Africa and Asia. Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group, told the media that, “The World Logistics Passport marks the beginning of the implementation of the Dubai Silk Road strategy that will lead to a new phase of economic growth. We aim to further boost Dubai’s position as a global economic and business hub, powered by our exceptional connectivity and logistics.”