Integrated Global Logistics Will Boost Global Economy

Travel News Asia Latest Travel News Podcasts Videos Monday, 7 November 2011

Hanjin Group and Korean Air Chairman, Yang Ho Cho, called for an integrated air, sea and land logistics system to boost the global economy at the Business Summit (B20).

 It is important to lower logistics costs for international trading companies by building an integrated and standardized global logistic system. With lower costs, international trading companies will be able to strengthen their competitiveness, bolster international trade and enhance the global economy, explained Cho.

Cho has been part of the B20s Trade and Investment Working Group, convening with other business leaders from around the world at the B20, an adjunct to the G20 Summit that is designed to strengthen worldwide financial cooperation.

Also participating in that working group were the Chairman of Nestle, and the presidents of Dow Chemical Company and Embraer among others.

Cho showcased IATAs e-freight project as a global success story: a worldwide air cargo system that simplifies transportation processes through standardized electronic data-exchange between businesses, airlines, airports and customs departments. To facilitate trade, this kind of effort should not be restricted to air transport but needs to be expanded to sea and surface, said Cho.

IATA introduced its e-freight system in 2004. Chairman Cho, as a member of the IATA Board of Governors, adopted it for Korean Air in 2008 and has promoted its use to other global airlines ever since.

 IATA predicts a savings of from $3.1 billion to $4.9 billion in logistics costs per year if each international trading company adopted the e-freight system.

 So far 384 airports, 33 carriers, 1650 forwarders in 44 countries have joined in this e-freight initiative.

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