SERBIA JOINS THE WORLD LOGISTICS PASSPORT
Memorandum of Understanding establishes deeper trade ties between Serbia and Dubai
DUBAI, UAE – 03 November 2021: Serbia has today joined the World Logistics Passport (WLP) network as a Participant country, helping to establish deeper trade ties between Serbia and Dubai.
Tomislav Momirović, Minister of Construction, Transport and Infrastructure; Marko Čadež, President of the Chamber of Commerce and Industry of Serbia (CCIS), and Mike Bhaskaran, CEO of the WLP, signed a Memorandum of Understanding at a meeting at Expo 2020 in Dubai earlier today.
The WLP program is based on a partnership between traders, freight forwarders and local entities to provide additional trade in exchange for direct benefits. These include fast-tracking cargo, removing administrative costs, and reducing customs clearance times.
Trade plays a major role in the Serbian economy, accounting for 105% of GDP in 2020 and 112% in 2019 (World Bank) – figures that demonstrate Serbia has a high degree of trade openness. In 2019, product exports stood at $20.5bn whilst imports totalled $28bn (OECD).
With Serbia joining the program as a Participant, the country’s traders and freight forwarders will be able to access a range of benefits from the WLP’s Partners in Dubai. This access promises businesses increased competitiveness, economic resilience and global connectivity during a time of unprecedented uncertainty.
Dubai is one of the WLP’s largest Hubs, with 18 local partners such as DP World and Emirates Skycargo currently offering more than 80 benefits, such as more cost effective and efficient cargo trade, to traders and freight forwarders.
Serbia’s Ministry of Construction, Transportation and Infrastructure is the Government arm which is responsible for the overall policy, regulation and strategic research into the construction, transportation, and infrastructure industries.
The role of the CCIS, Serbia’s national chamber of commerce, is committed to exploring investment opportunities, and European trends for the benefit of the Serbian economy. The Chamber has a key commitment to make Serbia visible as a market economy country, with investment opportunities, open borders, and ready to join the European trends in a competitive way.
Mike Bhaskaran, CEO of the WLP, said: “Our program helps countries grow their economies and create jobs by boosting trade and making their products more competitive and accessible through more efficient supply chains. As Serbia continues its export-driven economic program, traders in the country will now be able to expand and discover more opportunities via Dubai."
Honourable Tomislav Momirović, Minister of Construction, Transport and Infrastructure, said: “This development marks an exciting new chapter for our trade strategy, which is an integral contributor to the prosperity and growth of Serbia’s economy. We are thrilled to bolster our relations with Dubai through the signing of this Memorandum of Understanding.”
Marko Čadež, President of the Chamber of Commerce and Industry of Serbia, added: “Today’s news has the opportunity to deliver meaningful gains for Serbia and Dubai alike. For partners in Dubai, trading with more Serbian businesses enables expansion and diversification. For Serbian traders and freight forwarders, the WLP promises increased competitiveness and economic resilience during a time of unprecedented uncertainty.”