KUALA LUMPUR, April 4 (Xinhua) -- Malaysia stands to gain from China's blockchain technology for the Preferential Certificate of Origin (PCO) system, which will facilitate its exports to China, the Ministry of International Trade and Industry said on Tuesday.
The system, through its proposed single window framework, aims to improve trade facilitation and reduce technical barriers by offering more efficient and secure processing of goods originating from Malaysia to China, it said in a statement.
"Further, adopting an e-system between Malaysia and China could greatly benefit businesses, including streamlining the customs clearance process and reducing storage costs at China ports," it said.
"The cooperation is also expected to provide opportunities for human resource capacity building and knowledge sharing, while the e-system supports the development of a green economy," it added.
It said Malaysia will be represented by the ministry, the Royal Malaysian Customs Department, and other related agencies, which will be part of the dialogue with China's General Administration of Customs on the development of the system.
The ministry also said initiatives such as this blockchain system for the PCO will further bolster bilateral trade ties, by building on China's existing track record of being Malaysia's largest trading partner for the past 14 years, as well as the momentum created by the implementation of the Regional Comprehensive Economic Partnership between countries of the Association of Southeast Asian Nations and their five trade partners, including China. ■