The World Logistics Passport (WLP), a Dubai-based initiative established to increase trading opportunities between emerging markets, has welcomed Israel as a participant in the programme. The event was marked by a virtual signing ceremony with the Federation of Israeli Chambers of Commerce, attended by Sultan Ahmed Bin Sulayem, Chairman of Dubai’s Ports, Customs and Free Zone Corporation (PCFC), and Amir Shani, Vice President of the Federation of Israeli Chambers of Commerce, as well as other executives from the Chamber.
Bin Sulayem, said: “Dubai is a global trading mega hub with world-class infrastructure that enables the movement of goods between nations through the fastest routes possible, creating time and cost efficiencies. Through the WLP we aspire to forge closer economic ties and harness our collective experience, to unlock new trade opportunities for Israel with the world, via Dubai, and with Tel Aviv as a major logistics centre.”
Trade between Dubai and Israel reached a value of AED 1 billion (US$ 272 million) between September 2020 and January 2021. This included 6,217 tonnes of sea and air freight moving between the two nations. Major imports and exports included mechanical and medical devices, electronic equipment, flat screens, smart phones, diamonds and engine spare parts.
The partnership will allow Israeli companies to reduce costs and improve their supply chain to and from Israel using Dubai as logistical hub for new markets. With Israel’s entry into the programme, both countries plan to strengthen bilateral ties through close cooperation on COVID-19 vaccine distribution and supply chains, while Israel will benefit from having an efficient, centrally located hub for their logistics in the region.
The WLP is a loyalty programme which aims to overcome non-tariff trade barriers by fast-tracking cargo movement, reducing administrative costs, advancing cargo information and facilitating movement between ports and airports. Traders and freight forwarders get increased benefits the more they trade through member hubs. The benefits include cost and time savings, and faster customs clearances.