The launch of the regional platform is expected to spur the millions of products from Asean to China and vice versa
by TMR / pic by BERNAMA
Prime Minister Tun Dr Mahathir Mohamad (picture) is expected to launch the BOCE Malaysia/ Asean e-commerce trading platform in Putrajaya this afternoon as the region pushes for the expansion of trades with the world’s second-largest economy.
The right to manage the platform as a regional service provider was awarded by Bohai Commodity Exchange (BOCE) to Commodities Global Trade Sdn Bhd (CGTSB).
BOCE is a cross-border industrial e-commerce platform for imports under the management of Tianjin Bohai Commodity Exchange Co Ltd.
Malaysia is the sixth country (outside of China) appointed as a regional service provider. Other regional service providers with the platform are the US, New Zealand, Australia, Canada and Ukraine.
CGTSB’s appointment puts Malaysia at the forefront of cross-border trade in the fastrising digital economy, allowing access to the world’s most populous nation.
Under the provision from BOCE, CGTSB will provide the platform and assist sellers to navigate the online registration and trading system.
The move to set up the platform in Putrajaya, Malaysia’s administrative capital, will enable businesses in Malaysia and the Asean region to enter the China market via a safe, secure and efficient digital platform.
Trades between Asean and China have been thriving over the last decades as both regions experience rapid growth. Bilateral trade between China and Asean countries reached a record high of US$587.87 billion (RM2.43 trillion) last year, eclipsing the US$514.8 billion recorded in 2017.
China has been the regional grouping’s top trading partner for 10 consecutive years. The 10-member Asean economies have been China’s third-largest trading market for eight consecutive years after the European Union and the US.
The launch of the regional e-commerce platform is expected to further spur the millions of products from Asean to China and vice versa.
The launch of BOCE Malaysia/Asean e-commerce trading platform is further boosted following Dr Mahathir’s visit to Beijing last week to attend the Second Belt and Road Forum for International Cooperation.
Dr Mahathir endorses the Belt and Road Initiative (BRI) which has become China’s gift to reignite trades, similar to the Old Silk Road.
Dr Mahathir also met with Chinese President Xi Jinping and Premier Li Keqiang last week.
The BOCE Malaysia/Asean e-commerce trading platform will allow businesses in the region to tap into the BRI which links more than 60 countries in Asia, Europe and beyond.
Local companies are expected to benefit greatly from the platform as CGTSB will assist businesses in Malaysia and Asean to complete trades, from sellers’ registration to uploading products, contract confirmation, customs clearance and logistics, and process accomplishment.