The World Logistics Passport (WLP) has authenticated a memorandum of understanding (MoU) with the Mexican Secretariat of the Economy (SE), launching the Secretariat of the Economy as a synchronizing partner in Mexico which became a World Logistics Passport Hub in early 2021.
World Logistics Passport collaborates with Mexico
Mexico is one of the most voluminous economies in Latin America. It bags one of the top 15th positions globally in terms of the Gross Domestic Product. In 2019, the overall product exports were USD 480 billion. As a chief exporter of Information Technology paraphernalia, auto parts, and accessories, Mexico boasts a well-defined industrial base.
By strengthening its partnership with the World Logistics Passport network, Mexico bags the prospect to facilitate variety in its international trade portfolio with other nations. This will birth newer opportunities for Mexican firms to extend their customer and supplier base.
The CEO of the World Logistics Passport, Mike Bhaskaran, stated that Mexico is a region of strategic significance to the victory of the World Logistics Passport in the Americas. Bhaskaran stated that the program was looking forward to work with the Mexican Secretariat of Economy to facilitate partner registering with customs, airports, ports, and other essential logistics players.
Member cargo forwarders and traders of the World Logistics Passport can expect to have a yearly surge in trade of up to an average of 5-10%. As Mexican traders gain from more efficient freight trade, newer trade routes are bound to emerge to provide accessibility to new markets (especially in Africa, Middle East, and Asia).
The Group Chairman and CEO of DP World, Sultan Ahmed bin Sulayem, stated that DP World was ecstatic to be a part of the World Logistics Passport initiative to enhance trades across the world. He stated that Mexico was already a principal route for the organization and other Dubai-based business entities.
The Mexican Secretariat of the Economy will behave as the synchronizing partner in the nation. The Secretariat will eradicate barriers to facilitate a more flexible business ecosystem for Mexican traders, Members of the Mexican WLP can expect time and cost efficiencies which will create a gateway for a plethora of economic opportunities.
Mexico’s position as a WLP Hub is enhanced after the authentication of an MoU betwixt WLP and CONCAMIN in early 2021. CONCAMIN is a chief synchronization partner between the private and public sectors (particularly the Mexican export industry) and a supporter in enhancing Mexico’s international trade.
