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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now