Ethiopia has joined one of the most integrated transportation and logistic services international organisations in the world; World Logistics Passport (WLP).
WLP is a global organisation that offers traders, freight forwarders, and local entities the ability to partner up for increased opportunities all around to create a more integrated logistics and transport ecosystem in trade. It has a four-tier framework (white, silver, gold, and platinum) and members can advance through the tier by meeting certain requirements put forth by the organisation.
Many trading companies are automatically entered at the silver level but those that start from white have to reach 5 percent growth to advance to the silver tier after which all entities have to outperform market growth by 10 percent to advance to gold and by 20 percent to advance to platinum.
Global top trading companies are automatically entered as WLP Anchor Tenants and platinum tier members.
The WLP is especially intent on creating diverse and more integrated market shares among developing regions of the world like Africa, Asia, and South and Central America.
Ethiopia’s entry into the WLP is expected to address some of the costs that the country incurs in supply chain logistics. Furthermore, data from the WLP suggest an increase in trade by upto 10 percent for member countries; a prospect that serves Ethiopia’s current efforts in trade, transportation, logistics, foreign currency, and more.
Botswana, Burkina Faso, Guinea, Mozambique, and Zimbabwe are also set on joining the WLP along with Ethiopia. Speaking on the development WLP CEO Mike Bhaskaran affirmed the organisations dedication to ensuring that these countries reap the most benefits from joining the WLP, especially in terms of job creation, export competitiveness, and overall economic development.
The new additions including Ethiopia will join the WLP as gateway countries, and as such will be identified as top regional contributors to freight trade. They will also have preferential access to Hub countries; the only Hub countries in Africa so far are Senegal and South Africa.
WLP will be hosting its first ever global summit on June 8th and bring together business leaders, government officials, and various international organisations in trade, logistics, transportation, finance, and others.