hit tracker

Minister of Economy: World Logistics Passport symbolizes UAE’s aspirations to support international trade & economic cooperation

  • Dubai News
  • Dubai News

Minister of Economy: World Logistics Passport symbolizes UAE’s aspirations to support international trade & economic cooperation

Ministers, officials & top-level executives from 20 countries welcome and join the initiative

A review of the World Logistics Passport initiative, which was currently launched by the UAE, took place on the sidelines of the 50th World Economic Forum in Davos, Switzerland. During the session, H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, affirmed that the World Logistics Passport Initiative, launched by the Dubai government during the World Economic Forum 2020, is a wonderful example of the pioneering method adopted by the UAE for the realization of its vision for development, based on openness and cooperation with a number of countries of the world.

His Excellency added: "The initiative demonstrates the UAE government’s aspirations to drive monetary improvement efforts globally along with its partners, and its commitment to establishing new ties to support trade at the global level by improving trade capabilities, especially in the logistical sector, and by facilitating the movement of goods, transportation, shipping and provide services via world trade corridors. The fine utilization of advanced infrastructure and technological advancements enables Dubai and the UAE to develop an advantageous network capable of supporting international trade and seamlessly linking commercial hubs.

He continued: "The initiative is set to advantage many countries across the world and will redefine the improvement of the shipping industry by creating essential technologies and capabilities; opening up new paths for trade linking the East with the West; and enhancing Dubai’s and the UAE’s role in supporting international trade and economy. This forms an essential factor of the development strategy adopted by the UAE, in line with the new directives announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. It goals to place Dubai as the capital of the new economy in the region and to attain the ambitious goal of two trillion dollars revenue from Dubai’s non-oil foreign trade by 2025."

The UAE attended the dialogue session in the presence of H.H Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority and Chairman and CEO of the Emirates Group; with the participation of H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy; His Excellency Sultan bin Sulayem, Group Chairman and CEO of DP World and leader of the Dubai Logistics World initiative; and Nadya Kamali, CEO of Customs World.

Nadya Kamali elaborated on how this passport, which is a sustainable rewards program for international shipping, can help reinvent trade, through a program that contributes to facilitating the movement of trade, improving its capability and increasing efficiencies among the parties concerned. It additionally enables expedited tracking of the freight movement; reduction of administrative costs; delivery of advanced shipping information which includes the time required for the motion and clearance of goods, via a membership that will be available in three categories, silver, gold, and platinum, which provide up to 72 hours of procedures of shipping, clearance and movement of goods.

Kamali explained: "We have launched the World Logistic Passport in Dubai with an intention to provide its services at the international level in order to serve the shared business cooperation desires of all countries.” She further noted that the passport is not restricted to providing a one-size solution for all, and provides a bendy platform and an innovative cooperation initiative that has been formulated via mutual agreements, to effectively meet the commercial aspirations of all parties.

The session, which saw the discussion on the World Logistics Passport initiative, was attended by ministers, government officers and leaders from predominant countries along the South-South trade corridor, on which the initiative is presently focused. These include Colombia and Brazil from Latin America; Ethiopia, Nigeria, Rwanda, South Africa, and Zimbabwe from the African continent; and India, Thailand, and Vietnam from Asia.

His Excellency Ahmed Shide, Minister of Finance of Ethiopia, said: “Although Ethiopia performs an essential role in East African trade, we know that we can leverage our infrastructure more effectively to better coordinate freight inside our region. The World Logistics Passport is a special and innovative initiative from the Government of Dubai, which reimagines the way trade is being conducted and creates new and more efficient trade routes that connect Ethiopia with Dubai and other trade centres.”

Heads of states, ministers and CEOs who participated in the discussion commented on the need for a new deal for trade based on a more holistic view of the industry, leveraging both technology and new public policy frameworks. A majority of the participants welcomed the initiative and agreed to join immediately. Furthermore, participants highlighted trade uncertainty triggered by protectionist barriers and the fragmentation of global supply chains as critical troubles that need to be addressed. FadiFarra, Co-founder and Partner at the public policy and strategy advisory firm, underlined the want to re-think trade in view of protectionist policies, rising costs and the improvement of new trade hubs in developing regions that have led to a global trade industry with increased volatility and uncertainty.”

Among the key stakeholders from more than 20 countries that participated in the session were HE DemekeMekonnen Hassen, Deputy Prime Minister, Ethiopia; HE Joao Doria, Governor of the State of Sao Paulo, Brazil; Morten Engelstoft, CEO APM, A.P Moller-Maersk; Jeroen van der Veer, Chairman, Royal Philips; Henadi Al Saleh, Chairwoman, Agility Logistics; Kamal Nath, Chief Minister of Madhya Pradesh, India; HE Angela Maria Orozco, Minister of Transport, Colombia; ManpreetBadal, Minister of Finance and Planning of Punjab, India; Zainab S. Ahmed, Ministry of Finance, Budget and National Planning, Nigeria; Adnan Kazim, Chief Commercial Officer of Emirates Group; Jacques Vandermeiren, CEO, Antwerp Port Authority; HE Paula Ingabire, Minister of Information, Communications Technology and Innovation, Rwanda; and Yasushi Kinoshita, Managing Executive Officer, Development Bank of Japan.