Alibaba Group Holding Ltd said on Wednesday that it is setting up a secretariat for its online World Trade Platform in Hangzhou to help boost the presence of the company's initiative locally and internationally.
According to company officials, the secretariat - as an eWTP organization - is responsible for the daily operations, international cooperation, training and exchange programs, and the publication of rules and models.
The secretariat, located near the headquarters of Alibaba in the Xixi National Wetland Park, is expected to be operational starting October 2020.
According to Eric Jing, Alibaba's partner and Ant Financial Services Group's chairman, as the eWTP initiator, the company is "a leader in integrating business services with technology capabilities."
Cutting Trade Barriers
Jing said that this payment arm and the secretariat are on track to set up similar sites in Malaysia and Belgium with other eWTP hubs in the coming months.
Vice Mayor Hu Wei disclosed that the secretariat is likely to play a key role in building eWTP, which aims to reduce trade barriers through technical empowerment, and move ahead with some of the best digital economy practices in Hangzhou.
In parallel development, a public service portal under the auspices of eWTP will also make its debut in Hangzhou, allowing access to a single online "operating system" for small and medium-sized enterprises engaged in cross-border industry, the company said.
SMEs will therefore benefit from a one-stop solution for electronic customs clearance, exchange of payments, tax refunds, as well as logistics and financial services.
Hangzhou Customs completed tests on a cross-border bonded area of e-commerce in September, paving the way for SMEs to realize the vision of "Buying from the Globe and Selling to the Globe," said Zhang Yi, Hangzhou Customs vice-director.
Gateway To Chinese Goods
The eWTP has been accepted by G20 member economies and implemented by cities in China, Malaysia, Rwanda, Ethiopia and Belgium since it was first introduced by Alibaba founder Jack Ma in 2016.
Ethiopia joined eWTP last month in the latest attempt to develop a multifunctional digital trading hub to act as a gateway to China for Ethiopian goods, a cross-border e-commerce and trading center in Africa, and a training center.
The project also included capacity building and training implementation, which includes a number of programs including specialized ones for Ethiopian businessmen and lecturers at universities.
At home, Yiwu, a city known for manufacturing and exporting small commodities in Zhejiang province agreed to join eWTP on digitizing trade networks and creating additional city trade flows.
Meanwhile, on the stock market, the earnings per share of Alibaba Group is hovering at the 8.28 region and expected to hit a growth of 36 percent before the year-end. Alibaba Group has an EPS growth target of 23 percent for the coming year.
