World Logistics Passport Expands Into China For First Time
Sumaira FH Published December 08, 2021 | 10:30 PM
DUBAI, (UrduPoint / Pakistan Point News / WAM - 08th Dec, 2021) The World Logistics Passport (WLP) is entering China for the first time by signing a Memorandum of Understanding with State-owned Fujian Port Group, which joins the freight loyalty program as a Partner. The WLP has also agreed to join the Chinese Silk Road Maritime Alliance. The WLP will provide Chinese businesses with faster and more cost efficient access to markets in Asia, Latin America, the middle East and across Africa, with traders and freight forwarders able to achieve an annual increase in trade by 5-10% on average.
Whilst welcoming Fujian Port Group as its first Partner in China, the WLP is also partnering with the Silk Road Maritime Alliance (SRMA), an alliance of 99 ports and 27 countries. The SRMA was launched in December 2018 in Fujian Province and is part of the "Belt and Road" initiative of China, aiming to "build an efficient and stable service ecosystem of continued growth by integrating advantageous resources".
The WLP offers benefits for the movement of high value, low weight goods. Chinese industries that stand to gain most from participation in the program include broadcasting equipment, computers, office machine parts, telephones and semiconductor devices. China is already the world’s largest exporter in all of these product categories – a fact which can be reinforced in 2022 by participation in the WLP.
The inclusion of China in the World Logistics Passport strengthens the programme’s position across Asia with Hubs in India, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.
Sultan Ahmed Bin Sulayem, Chairman of Dubai Ports, Customs and Freezone Corporation (PCFC), which owns and runs the WLP program globally, said: "Bringing the WLP to the world’s second largest economy is a huge development.
Efficient supply chains make products and services more competitive and selling to more markets increases economic resilience. The WLP helps deliver this, whilst also strengthening bilateral relations between the People’s Republic of China and the United Arab Emirates."
The World Logistics Passport (WLP) is a global, private sector-led, initiative designed to smooth the flow of global trade, unlock market access through the creation of new trade routes and provides economic efficiencies to members.
Chinese traders and freight forwarders who become Members of the WLP will have access to the different benefits offered by WLP Partners, who include DP World, Thai Airways and Emirates SkyCargo. Example benefits include fast-tracking of cargo, reducing customs clearance times, and removing administrative costs.
Mr. Zhiping Chen, Secretary of Party Committee and Chairman, Fujian Port Group, said: "The benefit of the WLP, as the world’s first multi-modal global freight loyalty scheme, to businesses in China is a reduction in their supply chain costs, and making moving goods and services faster and more efficient. This news will help our country grow the economy and create new jobs."
The Memorandum of Understanding was signed at a virtual ceremony by Mr. Zhiping Chen, Secretary of Party Committee and Chairman, Fujian Port Group and Sultan Ahmed Bin Sulayem, Chairman of PCFC. The signing event took place on 07 December during both the Fujian business Roadshow in China and Expo 2020 in Dubai, UAE.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago