BAHRAIN BECOMES SECOND GCC COUNTRY TO JOIN GLOBAL TRADE-BOOSTING WORLD LOGISTICS PASSPORT PROGRAM
- Bahrain joining the WLP provides strengthened access to global markets, while offering reduced costs and time saved to Bahraini traders, freight forwarders and their customers
- As the second GCC member state joining the Dubai-administered program, Bahrain and UAE deepen trading relationship
- Bahraini Minister of Transportation and Telecommunications welcomes new MoU signed with the WLP
DUBAI, UAE – 17 November 2021: The World Logistics Passport (WLP) has signed a Memorandum of Understanding (MoU) with the Bahraini Ministry of Transportation and Telecommunications, bringing another GCC member state into the Dubai-administered global freight loyalty program as a Gateway participant, thereby enhancing the Kingdom of Bahrain’s access to global markets and offering businesses direct benefits.
The WLP is a global, private sector-led, initiative designed to smooth the flow of world trade. It operates as an incentive-based loyalty program that rewards traders and freight forwarders for high levels of trade by unlocking market access to new and existing trading routes.
The signing of the MoU represents a significant deepening of trade ties between Bahrain and the UAE and demonstrates a strategic commitment from the two signatories to implement the WLP. The Bahraini Ministry of Transportation and Telecommunications will act as a coordinating Partner, bringing traders and freight forwarders onboard the WLP program.
With Bahrain’s exports to the UAE’s increase by almost a three-fold between 2016 and 2019, and 30% of the country’s total exports landing on Emirati shores in 2019, the new agreement ensures that Bahraini traders and businesses are well placed to maximise the benefits associated being a WLP Gateway.
Beyond deepening the close trading relations between the two GCC countries, WLP participation also extends Bahrain’s access to global trade routes, providing increased international market opportunities for the country’s $13.2bn-worth of exports and supporting local companies to generate high-quality domestic employment opportunities.
A key benefit of the WLP is access to its global network, with membership and easier market access to countries in Asia, Africa, Latin America, and the Middle East, including Brazil, South Africa and India.
In addition, participation in the WLP as a Gateway will offer Bahraini traders and freight forwarders the opportunity to access a global network of benefits for more cost-effective and efficient cargo trade via the WLP Hub in Dubai, where WLP Partners include Emirates SkyCargo, dnata, DP World and Trakhees. Direct benefits include fast-tracking of cargo movement, reducing administrative costs, advancing cargo information, and facilitating trade across borders.
The MoU was signed by HE Eng. Kamal bin Ahmed Mohammed, Minister of Transportation and Telecommunications, for the Kingdom of Bahrain and Sultan Ahmed Bin Sulayem, Chairman of Dubai Ports, Customs and Freezone Corporation (PCFC) which owns and runs the WLP program globally.
HE Eng. Kamal bin Ahmed Mohammed, Minister of Transportation and Telecommunications, Kingdom of Bahrain, said: “We are proud to be part of the WLP and to offer our business community the opportunities that come with this agreement, including facilitated trade to the vast network of WLP partners.
“Bahrain has long been known for its business- friendly environment and transparent regulations and our integrated logistics industry is one of the areas which we believe offers true value to businesses. This new agreement will further enhance this offering and we are confident that the private sector will leverage this opportunity”.
Sultan Ahmed bin Sulayem, Chairman of PCFC, said: “The new agreement between the WLP and Bahrain represent an increased commitment to further deepen close trading ties with one another, and with the world. And as Bahraini businesses seek to expand their customer base and grow new revenue streams, the WLP will also serve to provide them with smoothed trade flows and new market opportunities through the program’s global footprint.”
Bahrain’s Ministry of Transportation and Telecommunications (MTT) is the government body responsible for the development and regulation of the Kingdom’s transportation and telecommunications infrastructure and systems. It has the overarching objective of enhancing the quality of life and facilitating the movement of people and goods via land, sea, and air transport in line with the country’s Economic Vision 2030.