Alibaba Group and Yiwu City expand eWTP partnership

Source: IBS Intelligence 2020-06-22

Alibaba Group and the municipal government of Yiwu, Zhejiang Province in China, have planned to develop a Digitized Comprehensive Bonded Zone under the eWTP (electronic World Trade Platform) framework. The collaboration entails the making of cross-border e-commerce more accessible to small and medium-sized enterprises (SMEs) at the wholesale market.

Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group stated, “With its advantages as a product and SME hub as well as its existing trade infrastructure, Yiwu is the definition of strategic planning for enabling businesses to navigate the digital age. Alibaba will work together with Yiwu to further facilitate the city’s transformation into a digitized small commodities trading hub and digitized port as a step toward the collective goal of complete digitization of global trade.”

The one-stop platform will offer SMEs digitized trade services, including customs clearance, foreign exchange settlement and tax procedures. It will be the third trade service platform established at an eWTP Hub, following the launch of trade platforms in Hangzhou, China and Liege, Belgium. The joint venture will help develop the Yiwu Comprehensive Bonded Zone in the country, ratified by China’s State Council in April this year. A highlight of the zone will be the launch of an offline exhibition area to showcase cross-border products, scheduled for pilot launch in mid-September.

Alibaba Group and the municipal government of Yiwu have also announced the establishment of the eWTP Yiwu Digital Customs Clearance Port. The digital customs clearance system will enable overseas merchants exporting products to China in smaller quantities via international parcel delivery to complete and clear customs processes online, getting parcels to customers in a more timely fashion.

Other initiatives by Alibaba to support SMEs in Yiwu, especially to support the post-pandemic recovery phase for businesses, include a solution to facilitate cross-border and foreign exchange transactions for SMEs in partnership with the Zhejiang Chouzhou Commercial Bank. A small commodities online trade show, part of Alibaba.com’s series of 20 online exhibitions, will also be held to attract five million international wholesalers to consider locally produced items from Yiwu.

Initiated by Alibaba Group founder Jack Ma, the eWTP is a private-sector-led, multi-stakeholder initiative that facilitates public-private dialogue and collaboration to share best practices, incubate new trade rules and foster a more-integrated policy and business environment to help develop inclusive trade and the digital economy. To date, Alibaba Group has joined forces with the governments of Belgium, Malaysia, Rwanda, and Ethiopia as well as Hangzhou and Yiwu in China to establish six eWTP hubs globally.

Alibaba Group

Alibaba Group and Yiwu City expand eWTP partnership

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