WTO will seek to re-build supply capacity, manage trade restrictions and promote digitalization in supply chains.
World Free Zones Organization (World FZO), a global not-for-profit organization, recently held its annual Board of Directors meeting led by Dr. Mohammed Al Zarooni, Chairman, in Geneva, Switzerland, as part of its expansion and leadership growth strategies.
During the meeting, the Board of Directors discussed areas for international integration and cooperation to enable global free zones enhance their economic strengths and highlight their important role in the global trade and supply chains.
“Free zones across the globe play key roles in stimulating and reviving global trade and ensuring its sustainable investment flows. This has a direct impact on national economies such as providing job opportunities where free zones globally provide more than 80 million jobs,” asserted Dr. Mohammed Al Zarooni, Chairman, World FZO.
With this, the taskforce with World Trade Organisation (WTO) will seek to re-build supply capacity, manage trade restrictions and promote digitalization in supply chains. In addition, it will highlight the significance of investments in logistics and expand trade finance to strengthen contribution to economy recovery.
There is also a need to strengthen global value chain that caters to key sectors such as agriculture and food processing, pharmaceutical, information and communications technology, as well as health. The World FZO also aims to advance its sustainability goals in line with the UN SDGs, hence, the taskforce with UNCTAD will leverage the Izdihar (prosperity in Arabic) Index to encourage free zones to adopt eco-friendly and sustainable practices.