Malaysia will be participating in a cooperative dialogue with China on the use of blockchain technology in bilateral trade between the countries.
The International Trade and Industry Ministry (Miti) said that technology for preferential certificate of origin (POC) would help facilitate Malaysian exports to China.
d secure processing of goods originating from Malaysia to China,” said Miti.
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,” it added.
It said the cooperation was also expected to provide opportunities for human resource capacity building and knowledge sharing, while the e-system supports the development of a green economy.
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Miti said initiatives such as the PCO blockchain system will further bolster the Malaysia- China trade ties—building on China’s existing track record of being Malaysia's largest trading partner for the past 14 years, as well as the momentum created by the implementation of the RCEP between Asean countries and its five Free Trade Agreement partners, including China.
“Under RCEP, participating countries aim to eliminate or reduce tariffs on a wide range of goods, which can increase trade and investment flows between member countries, and support intellectual property rights protection, e-commerce, and economic cooperation,” it said.
Miti said by lowering barriers to trade and investment, the RCEP aimed to promote economic growth and enhance regional integration in the Asia-Pacific region.
The Malaysian delegation led by Prime Minister Datuk Seri Anwar Ibrahim, recently held an official visit to China. The official visit saw Malaysia securing RM170bil worth of investment commitments from China.
