MYEG Signs Agreement with China Customs for Cross-Border Trade Connectivity on Zetrix Blockchain Platform
Service will publish certificates of origin (COO) and other relevant trade certs to facilitate tariff computation and more efficient customs clearance
BEIJING, March 30, 2023 /PRNewswire/ -- MY E.G. Services Berhad ("MYEG") has signed a partnership agreement with East Logistic-Link Co., Ltd, a wholly-owned agency of the General Administration of Customs of the People's Republic of China ("GACC"), to jointly provide a full suite of cross-border trade facilitation services that include certificates of origin on the Zetrix blockchain platform.
Other certificates relevant to cross-border trade like food safety, quarantine, and bill of lading can also be issued on the chain. This will enable all data in these certificates to be available accurately in near real-time, hence, increasing the efficiency of tariff computation and customs clearance, especially for trade within the Regional Comprehensive Economic Partnership ("RCEP").
MYEG, through its blockchain platform Zetrix, provides the digital service to connect to China's blockchain platform. The scope of the agreement covers international exports going into China. Exporters worldwide may now register to use the service, known as Ztrade, at Zetrix.com and enjoy the benefits of faster and more convenient clearance processing.
"We are excited to partner with MYEG to introduce this world pioneering trade facilitation service to countries that trade with China. With the relevant trade data on the blockchain, we can expect significant increase in speed and efficiency of trade processing, benefitting all stakeholders," said Ms Haiying Zhao, Vice General Manager of East Logistics-Link.
TS Wong, co-founder of MYEG, added: "We aim to build a vibrant Zetrix ecosystem where trade documents are coupled with complementary services like supply chain financing and trade settlement to enable smart contracts and hence, reducing counter party risk and minimising manual interventions."
Leveraging on Web 3 technologies, the Ztrade service can overcome the prevailing limitations of conventional technology architecture in providing a reliable method of securely and effectively digitalising trade clearance processing, thus making it hassle-free, seamless, faster and simpler overall.
Supply chain participants can now safely exchange data with relevant government agencies like GACC as Web 3 digital platform minimises risks by eliminating any single point of failure and safeguarding stakeholders' data. Furthermore, by enabling automation and digitalisation of key customs processes and related functions, Ztrade aims to render cumbersome, risky paper-based procedures a thing of the past.