Malaysia as well as China have been exploring blockchain technology in order to obtain a preferred certificates of origin (PCO) in order to facilitate exports from Malaysia to China. Its Ministry of International Trade and Industry (Miti) in Malaysia stated in a statement Tuesday that the decision will help to facilitate the an agreement for the mutual recognition of digital certificate of origin in the Regional Comprehensive Economic Partnership (RCEP) framework.

Its concept of a single window framework is designed to facilitate trade and lower technical barriers through providing more secure and efficient process of goods that come of Malaysia and China. Additionally, implementing an electronic system that connects Malaysia and China will greatly help businesses in a variety of ways, such as improving the clearance of customs and decreasing the costs of storage in China ports.

It is expected to offer possibilities for capacity development and sharing of knowledge The e-system will also help the creation of a sustainable economy.

Source: technode.global