A Malaysian e-government services provider has signed a collaboration agreement with the China Customs logistic agency to offer a comprehensive range of services for facilitating cross-border trade, including certificates of origin on the blockchain platform.
According to a statement from the digital services provider, other certifications relevant to cross-border commerce, such as food safety, quarantine, and bill of lading, might also be issued on the chain.
The efficiency of tariff computation and customs clearance, particularly for trade within the Regional Comprehensive Economic Partnership (RCEP), will be increased due to being able to access all of the data in these certificates precisely in close to real-time, according to the statement.
The digital service provider offers a digital connection to China’s blockchain platform via its blockchain platform.
According to the digital services provider, the partnership will encompass international exports to China. It stated that exporters worldwide may now register to utilize the service and benefit from faster and more easy clearance processing.
With relevant trade data on the blockchain, there could be a significant increase in the speed and efficiency of trade procedures, which benefits all parties, according to a representative from China Customs logistics agency.
The digital services provider said that by leveraging Web 3 technologies, the service could overcome the current limitations imposed by traditional technology and offer a dependable way to securely and efficiently digitalize trade clearance processing.
In addition to payment settlement, the blockchain platform would offer trade facilitation services, including supply chain finance and digital financial instruments.