PETALING JAYA: 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 said that technology for preferential certificate of origin would help facilitate Malaysian exports to China.
Malaysia will be represented by the ministry along with the Royal Malaysian Customs Department, and other related agencies at the dialogue which would also touch on the development of the system for the technology. 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.
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.
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