(MENAFN- Khaleej Times) Dubai - Market opportunity for WLP members to access growing Chinese consumer market, set to be $12.7 trillion by 2030 by A Staff Reporter
Published: Wed 8 Dec 2021, 2:59 PM
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 per cent 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 UAE.”
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.
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.”
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