My E.G. Services Berhad (“MYEG” or “the Group”) has entered into a collaboration and secured regulatory approval to deploy its blockchain-based customs clearance and processing services for trade flows between the Philippines and China. Know more:
Clockwise: Enrique Y. Gonzalez , Wong Thean Soon , Jason Gaw Cheng , Paolo Martel and other MOU signing representative with Sec. Alfredo Pascual , President Ferdinand Marcos Jr., Speaker Ferdinand Martin Romualdez , Sec. Benjamin Diokno at the signing of the memorandum agreement in Petaling, Malaysia.
The new platform is expected to play a pivotal role in bolstering the trade relationship between the Philippines and China, which has grown exponentially at an average annual rate of 50.04 billion from 2017 to 2021. China stands as the largest import and export trade partner of the Philippines. He added: “The proposed use of the Zetrix Platform shall be at no cost to the Philippine Government and is expected to facilitate greater trade through seamless yet highly secure transactions between countries.”
This groundbreaking initiative by MYEG follows the signing in March of a partnership between the Group and East Logistic-Link Co., Ltd, a wholly-owned agency of the General Administration of Customs of the People’s Republic of China , to jointly provide a full suite of cross-border trade facilitation services on the Zetrix blockchain platform.
Malaysia, through the Ministry of Investment Trade and Industry , had in April announced its support for the adoption of a blockchain-based single window system for the mutual recognition of digital certificates of origin to improve trade facilitation and reduce technical barriers for more efficient and secure processing of goods originating from Malaysia to China.
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