Malaysia and China are exploring blockchain technology for preferential certificate of origin (PCO) to better facilitate Malaysia’s exports to China. The Ministry of International Trade and Industry (Miti) in Malaysia said in a statement on Tuesday that the move is to support mutual recognition of digital certificates of origin under the Regional Comprehensive Economic Partnership (RCEP) framework.
This system, through its proposed single window framework, aims to improve trade facilitation and reduce technical barriers by offering more efficient and secure processing of goods originating from Malaysia to China. Further, adopting an e-system between Malaysia and China could greatly benefit businesses, including streamlining the customs clearance process and reducing storage costs at China ports.
The cooperation is also expected to provide opportunities for human resource capacity building and knowledge sharing, while the e-system supports the development of a green economy.
Source: technode.global