Alibaba joins hands with Yiwu to build a trading platform for SMEs

Friday 21 June 2019 08:49 CET | News

Alibaba has signed an agreement with Yiwu in East China to focus on digitizing trade infrastructure and developing additional trade flows for the city.

The venture also plans to work on innovations in trade finance and establish a smart logistics hub there, a joint news release said. Around 15,000 foreign traders from more than 100 countries are stationed in Yiwu and more than 400,000 foreigners come to the city to do business every year, official data showed.

The eWTP platform was conceived as a digital gateway to connect every country and give businesses the ability to sell anywhere in the world. The benefits of using eWTP hubs include speedy customs clearance, logistics support and minimal tariffs.

Yiwu joins Hangzhou as the second Chinese city to be part of the initiative that also has global counterpart hubs in Malaysia, Belgium and Rwanda. The mechanism was included in the communique of the G20 Summit in Hangzhou. Rwanda joined eWTP on 31 October 2018.

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Keywords: Alibaba, Yiwu, East China, China, Asia, APAC, trading platform, trade finance, SME financing, digital trade infrastructure, trade flows, eWTP, smart logistics
Countries: World

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