KUALA LUMPUR: My E.G. Services Bhd
(MYEG) has signed a supplementary heads of agreement with China’s East Logistics Link Co Ltd to develop and operate a national single window platform for Asean countries.
East Logistics is a wholly-owned agency of China’s General Administration of Customs.
The exclusive collaboration would pave the way for both parties to cooperate in securing and implementing a national single window to facilitate cross-border trade in the region.
MYEG said the collaboration would leverage the respective strengths of both parties, including its track record as a leading e-government services provider and Web 3 pioneer.
The collaboration also would leverage on East Logistics’ experience in the research and development of China's international trade "single window” standard application, participating in the construction, operation and maintenance service for cross-border trade e-commerce and other information systems.
"This latest joint initiative marks a further deepening of ties between MYEG and East Logistics, with the two entities having been working closely on the establishment of ZTrade, a first-of-its-kind Web 3 service that provides verification and exchange of digitised trade documents on the Zetrix blockchain platform,” MYEG said in a statement today.
MYEG said through ZTrade’s live connectivity to GACC’s single window platform, critical trade-related documents could be submitted digitally through the platform, enabling users to enjoy expedited trade processing and clearance.
It added that these include certificates of origin issued by Malaysia’s Ministry of Investment, Trade and Industry and Phytosanitary Certificate and other product certificates issued by the Ministry of Agriculture and Food Security, as well as certificates of origin issued by GACC on the China side.
"These COOs are issued in the form of verified credentials on the Zetrix Layer-1 blockchain,” said MYEG.
It added that in further advancing the adoption of Web 3 technology in Malaysia and across Asean, the national single window project which MYEG and East Logistics are jointly working on is also envisioned to be developed on the Zetrix blockchain. = Bernama
