PCFC signs mutual trade agreement with Vietnam and expands scope of World Logistics Passport
Dubai has recently launched the World Logistics Passport, and Customs World, a subsidiary of the Ports, Customs and Free Zone Corporation (PCFC), has been working hard ever since to expand the role of the leading initiative and raise awareness around it among businesses.
The World Logistics Passport offers a set of unique operational and financial advantages for businesses and shipping companies by connecting government entities, including Dubai Customs and Dubai Trade, with logistics service providers like DP World and Dnata, and facilitating commercial transactions among concerned bodies in Dubai.
The Ports, Customs and Free Zone Corporation (PCFC), represented by Customs World, signed a trade agreement with Vietnam during the UAE delegation's visit to Vietnam, headed by Sultan bin Saeed Al Mansouri, the UAE Minister of Economy, to attend the UAE-Vietnam Trade and Investment Week in Hanoi and Ho Chi Minh.
The agreement will help enhance mutual trade and facilitate movement of goods and commodities between the two countries.
The World Logistics Passport is designed to boost the role of the Dubai Silk Road program which paves the way for a major growth leap that will expand the UAE's role in the global economy based on the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and enhances demand for the emirate’s products, services and integrated transportation systems.
The unique initiative also further raises the growing role played by Dubai Customs in regional and international trade.
Commenting on this, Nadya Abdullah Al Kamali, CEO of Customs World said: “We are happy to have signed the mutual trade agreement with Vietnam, and to have launched the World Logistics Passport which will enhance trade activities between Dubai and other countries. Dubai external trade with Vietnam made AED 29.35 billion in 2018, and AED 15.5 billion in the first half of 2019.”
Al Kamali stated that there are more agreements expected to be signed by the end of the year including Thailand and Indonesia to expand the scope of the World Logistics Passport and maximize the benefits delivered to the member states.
“We are developing the initiative, so more features and advantages will be added to the initiative based on market needs and aspirations” she said.
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