India, along with Indonesia and South Africa, is now a member of the World Logistics Passport (WLP), a major policy initiative established to increase trading opportunities between emerging markets.
The three countries joined the existing members- Colombia, Senegal, Kazakhstan, Brazil, Uruguay and the UAE- in a club of trading nations sharing expertise to ease trade flows around the world.
The WLP creates opportunities for businesses across Africa, Asia, Central and South America to improve existing trading routes, and develop new ones, through the world’s first logistics loyalty program for freight forwarders and traders. It overcomes non-tariff trade barriers by fast-tracking cargo movement, reducing administrative costs, advancing cargo information and facilitating movement between ports and air.
India is the largest economy that has joined the WLP.
The WLP now counts Mumbai International Airport (Chhatrapati Shivaji Maharaj International Airport), Nhava Sheva International Container Terminal (Mumbai), and Emirates SkyCargo in India & Nepal as partners.
“As more partners join the World Logistics Passport network in India, the opportunities to reimagine how trade moves from Asia to Africa and Latin America multiply. It is a win-win for business as they join a network of fast-growing mega-hubs around the world which, in turn, will help boost their trade flows.”~Rizwan Soomar, CEO & MD, Subcontinent, DP World
As a trade enhancing policy initiative, the WLP is closely aligned with the Strategy for “India@75” in its aims to boost national competitiveness, increase the efficiency of India’s logistics sector and build tighter economic integration with emerging economies in South and South East Asia.
The WLP now looks forward to welcoming the participation of the Ministry of Commerce & Industry to represent the government’s oversight of local operations, and the CBIC (Customs) as a partner, as well as other regional organisations.
“The World Logistics Passport increases resilience in global supply chains and removes the barriers that prevent developing economies from trading as freely as they might, which is more important than ever as governments around the world seek to recover from the economic impact of COVID-19.”~Mike Bhaskaran, CEO of the World Logistics Passport
Further he added, “Today’s announcement shows that governments and businesses are thinking differently about how goods and services move round the world, and we are delighted to welcome India, Indonesia and South Africa to the club.”
The WLP has a proven track record. In Dubai, 12 local providers have confirmed more than 50 benefits which have in turn been applied to over 300 traders, accounting for approximately 50% of the emirate’s trade. Since its inception in 2019, the WLP has generated more than AED 3 billion in total trade.