Emirati, Israeli logistical cooperation to bolster economic sector
The Dubai-based WLP is a logistics loyalty policy initiative aimed at increasing trading opportunities between emerging markets.
By JERUSALEM POST STAFFEtihad Airways, the national airline of the UAE, will have daily flights to Tel Aviv beginning in March 2021. (photo credit: ETIHAD)
Israel has been chosen to participate in the World Logistics Passport (WLP) program following the establishment of normalized relations with the UAE, a statement from the WLP said.The Dubai-based WLP is a logistics loyalty policy initiative aimed at increasing trading opportunities between emerging markets.It was established to limit impediments on trade between growing markets and open up trading routes for these countries to swap goods more freely.Israel is the tenth nation to join the WLP, alongside India, South Africa, Indonesia, Uruguay and Brazil, among others.Israel's entrance into the program was marked by a virtual ceremony with the Federation of Israeli Chambers of Commerce, attended by Sulatan Ahmed Bin Sulayem, who serves as the chairman of Dubai's Ports, Customs and Free Zone Corporation."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," said bin Sulayem. "Today, we welcome the Federation of Israeli Chambers of Commerce into the World Logistics Passport, as we further strengthen and elevate ties between our two nations.""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 center," he concluded.Between September 2020 and January 2021, trade between Israel and Dubai was valued at $272 million within the first few months of the blooming relationship. It included cooperation with sea and air freight logistics between the two countries, moving goods such as mechanical and medical devices, electronic devices, flat screens, smart phones, diamonds and engine spare parts. "We are very excited about joining the World Logistics Passport global network as a partner," said VP FICC and Chairman of the Freight Forwarders Association Amir Shani. "We believe our members will greatly benefit from this global incentives program to expand their trade opportunities."Now Israeli companies will have their costs reduced, and benefit from an improved supply chain, when moving goods using Dubai as a logistical hub. This could in turn reduce the cost of living, promote business growth, improve vaccine distribution and allow Israel and the UAE to become major players in the Middle East with new trade routes and possibilities."The FICC continue to lead the private business sector and to advocate for free global trade by building business platforms as the WLP and partnering with the Dubai Chamber of Commerce to facilitate Business-to-business interactions," Shani added."Through the WLP, traders can expect to save 25% on freight costs and 10% on transit time. Take, for instance, the cargo journey from Israel to South East Asia," he continued. "Transporting high-value, low-weight goods through historically established transport routes in Asia takes considerably longer, and is therefore more expensive, than if the goods pass through Dubai.""As part of Israel’s participation in the WLP, the country will be part of the program’s Relief Tier – which supports humanitarian organizations and governments in providing relief in crises," the statement added. "In the case of COVID-19 all companies registered as WLP members involved in vaccine manufacturing and distribution will receive immediate cost and time efficiency benefits and part of the Gold Tier of membership. The WLP Relief Tier promotes and reinforces Dubai’s position as a global crisis logistics hub for humanitarian supplies."
Related TagsDubai
if(catID != 151){
var cont = `Take Israel home with the new Jerusalem Post Store
