OFFICIALS FROM ACROSS ASIA PACIFIC REGION TO ADOPT MULTILATERAL DECLARATION TO ACCELERATE GLOBAL TRADE
- Business leaders and officials from Vietnam, Kazakhstan and India, among other APAC countries, to adopt a joint declaration to accelerate global trade and trade resilience at WLP Global Summit
- WLP has grown to over 40 member countries, covering nearly half of global trade– and aims to grow to cover 75% of global GDP by 2025
- 2022 Global Freight Resilience Index shows that freight resilience has increased in Vietnam despite global supply chain pressures
DUBAI, UAE, July 11, 2022 /PRNewswire/ — The World Logistics Passport (WLP), announced at its second Annual WLP Global Summit it has almost doubled in size in its second year of operation – with its footprint now covering over 40 countries and nearly half (47%) of global trade – while WLP members including India, Vietnam and Kazakhstan, among others, are to adopt a new declaration to accelerate global trade.
The Summit hosted a mix of CEOs, government ministers and representatives of leading international trade bodies, agreed to a joint declaration on the future direction of global trade. Representatives included HH Sheikh Ahmed bin Saeed al Maktoum, Chairman and CEO of the Emirates Group, Tran Thanh Hai, Deputy Director General, Foreign Trade Agency of Viet Nam, Ministry of Industry and Trade of Viet Nam, and Kairat Torebayev, Vice-Minister of Trade and integration of the Republic of Kazakhstan.
Presented by H.E. Tatiana Clouthier, Secretary of Economy of Mexico, the declaration states that sustainable and inclusive global trade is fundamental to economic growth, resilience and multi-lateral cooperation, while also setting the ambition of the WLP to cover 75% of global nominal GDP by 2025.
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. With 14 members across Asia Pacific, the WLP is present in key economies including India, China, Indonesia, Viet Nam, Singapore, Malaysia, Philippines, Thailand, Australia and Kazakhstan.
An integral part of the WLP’s implementation has been physically visiting its Partners and Members network In May 2022, the WLP conducted a roadshow to Viet Nam, meeting the country’s most important logistics stakeholders across Ho Chi Minh and Hanoi, graciously hosted by Viet Nam’s Ministry of Industry and Trade.
At the Summit, the 2022 Global Freight Resilience Index, developed by Whiteshield, showed that freight resilience has increased across developing regions, including the Middle East, Africa, Latin America, and the Asia Pacific. The Index comprises two sub-pillars: Policy Opportunity and Freight Performance. Vietnam was called out specifically for notable increases in freight resiliency amid continued pressure on global supply chains.
In the past year, the WLP’s mandate has also grown to become a trade facilitator. Today, the WLP strengthens cooperation by supporting customs authorities with efficient and secure trade. Furthermore, the WLP is unlocking and enhancing trade routes across its unique network of partners and members, increasing the trade of high value commodities such as coffee, precious metals and consumer electronics.
Mahmood Al Bastaki, General Manager, World Logistics Passport, said:
“In last year’s inaugural WLP Global Summit, Sultan Ahmed bin Sulayem announced that the WLP network had grown to cover 23 countries. I am now pleased to announce that our network has almost doubled, with the WLP now covering 43 countries, accounting for 47% of global trade. Moreover, our network now consists of 121 WLP partners with more than 240 confirmed benefits, both cost and efficiency-related, offered to about 1000 businesses opted-in the program globally.”
Notes to Editors
WLP Global Summit 2022 Declaration
- Sustainable and inclusive global trade is fundamental to economic growth, resilience and multi-lateral cooperation
- The WLP is an integral part of the global economic response to boost international trade and aims to cover 75% of global trade by 2025;
- The WLP be inclusive and open to all countries and firms that fulfil minimum requirements in terms of capabilities and integrity;
- WLP will continue to work closely with international bodies such as the WCO and the WTO to make trade more sustainable and inclusive;
- The global governance of the WLP will be reinforced by the introduction of country co-chairmanship rotating on an annual basis;
- A new private sector council will be launched to advise the WLP at the global level;
- The WLP will collaborate with International Financial Institutions (IFIs) to identify new modes of financing to address capability gaps in multi-modal logistics infrastructure;
- The WLP will work to accelerate the introduction of digital (soft) infrastructure to make trade more efficient and productive for all stakeholders
- The WLP will continue to support important international initiatives such as the Authorized Economic Operator (AEO) Program of the WCO by offering a more comprehensive range of benefits from other logistics partners such as ports, airports and airlines;
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About the World Logistics Passport
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. Traders and freight forwarders get increased Benefits the more they trade through WLP Hubs.
The Benefits include cost and time savings, and faster clearances. Unlocking these Benefits allows traders, nations and regions to gain access to new markets, diversify trade in existing products and increase market shares in key export products.
As demonstrated in fully operational hubs, traders and freight forwarders that are members of the WLP can expect to have an annual increase in trade on average of up to 5-10%. Free to join, the WLP is inclusive, covering the entire trade ecosystem from freight and logistics to trade finance.
