In a landmark move that promises to transform cross-border trade flows between the Philippines and China, the Southeast Asian country’s Bureau of Customs (BoC) has partnered with MY E.G. Services Berhad (MYEG) to adopt the cutting-edge Ztrade platform by the end of July. Leveraging the power of Web3 technologies and artificial intelligence (AI), this innovative blockchain-based customs clearance solution is set to revolutionize the way goods are traded and cleared, bringing seamless efficiency and security to the process.
Ztrade: Empowering Seamless Trade
Ztrade, a Web3 + AI platform, is the brainchild of MYEG’s revolutionary Zetrix layer-1 blockchain platform. Following a successful deployment in Malaysia, the Philippines is set to become the second country to harness the potential of Ztrade.
The digital solution aims to bridge the trade gap between China and its partners, enabling secure and automated trade clearance processing while removing the cumbersome retro-verification practices. This promises to lead to a hassle-free, seamless, and faster overall trade experience for businesses and governments alike.
Bolstering the Philippines-China Trade Relationship
The significance of this new platform cannot be overstated. With China serving as the Philippines’ largest import and export trade partner, the Ztrade platform is expected to play a pivotal role in strengthening this trade relationship further.
Trade between the two nations has been growing exponentially over the years, averaging an annual rate of $50.04 billion from 2017 to 2021, highlighting the need for an advanced customs clearance solution.
A Boon for Philippine Traders and Logistics Service Providers
According to a press release, the Ztrade platform’s deployment comes as welcome news for traders and logistics service providers in the Philippines. BoC Commissioner Bienvenido Rubio emphasized how it would facilitate the verification of certificates of origin for exports to China, as well as imports from China, making use of express clearance and tariff exemptions under crucial agreements like the Regional Comprehensive Economic Partnership and the ASEAN-China Free Trade Agreement.
The streamlined process is set to enhance the ease of doing business for local traders and improve global trade competitiveness for the Philippines.
A Tech-Driven Collaboration
The partnership between MYEG and CDEC, the service provider of trade and logistics solutions for the BoC, has been instrumental in the successful integration of Ztrade into the customs platform. MYEG, with its track record of providing e-government services, brings valuable expertise and technical assistance to deploy the Ztrade platform effectively.
CDEC President Jason Gaw Cheng expressed pride in being part of this launch, recognizing the potential of Zetrix in driving the Philippines’ trade competitiveness to new heights.
Free Access and a Bright Future
One of the most notable aspects of this collaboration is that the use of the Ztrade platform will be provided free of charge to the Philippine government. This commitment aims to encourage greater adoption of the platform, ultimately benefiting the trade and economic landscape of both nations.
The combination of blockchain technology and AI within Ztrade promises a secure and reliable method of digitalizing trade clearance processing, further solidifying the Philippine-China trade corridor.
Final Thoughts
Overall, the adoption of Ztrade’s Web3 and AI platform by the Philippine Bureau of Customs marks a groundbreaking moment for cross-border trade. With the potential to streamline trade processes, reduce bureaucracy, and enhance trade relations between the Philippines and China, the platform stands as a testament to the power of cutting-edge technology in revolutionizing global commerce.