MYEG Signs Cooperation Agreement with East Logistic-Link Co. Ltd. to Provide Cross-Border Trade Facilitation Services on the Zetrix Blockchain Platform

03/30/2023 15:22 • Blockchain Briefs • 69 views

It is reported that MY E.G. Services Berhad (“MYEG”) has signed a cooperation agreement with East Logistic-Link Co. Ltd., a wholly-owned institution of the General Administration of Customs of the People’s Republic of China (“GACC”), to jointly provide comprehensive cross-border trade facilitation services on the Zetrix blockchain platform. MYEG will provide this series of digital services through its blockchain platform, Zetrix, to achieve interconnection with domestic blockchain platforms.

MYEG signs an agreement with Chinese customs authorities to achieve cross-border trade connectivity on the Zetrix blockchain platform

As reported, MY E.G. Services Berhad (“MYEG”) has recently signed a cooperation agreement with East Logistic-Link Co. Ltd., a wholly-owned institution of the General Administration of Customs of the People’s Republic of China (“GACC”), to jointly provide comprehensive cross-border trade facilitation services on the Zetrix blockchain platform. In this article, we will delve deeper into what this agreement means, the significance of using blockchain technology, and what it means for businesses and consumers alike.

The Scope of the Cooperation Agreement

The cooperation agreement between MYEG and GACC’s East Logistic-Link is set to provide cross-border trade facilitation services on the Zetrix blockchain platform. Through the platform, businesses and consumers will be able to enjoy a range of benefits such as secure and efficient communication with customs offices, enablement of customs clearance, and facilitation of the cross-border movement of goods.

The Value of Using Blockchain Technology

The use of blockchain technology has been hailed as a game-changer in various industries, including the logistics sector. Blockchain technology enables secure and efficient sharing of data, reducing the need for intermediaries and ultimately lowering the costs of doing business. Using blockchain technology in cross-border trade provides transparency, security, and trust, ultimately leading to faster clearance times and overall smoother transactions.

What This Means for Businesses

The cooperation of two industry giants MYEG and GACC’s East Logistic-Link with the Zetrix blockchain platform is good news for businesses worldwide. The platform will enable businesses to operate with greater efficiency, security, and transparency. Through the platform, businesses will be able to communicate with customs authorities securely, obtain licenses, and provide the necessary documentation associated with the import and export of goods across borders.
In addition, the platform will enable businesses to move goods seamlessly across borders, reducing the time and costs associated with traditional customs clearance processes. This, in turn, will have a positive impact on business growth, trade relationships, and economies worldwide.

What This Means for Consumers

Consumers around the world are set to benefit significantly from the cooperation of MYEG and GACC’s East Logistic-Link. The platform will allow customs authorities to have access to a centralized data system, enabling them to efficiently track the movement of goods across borders. With this, consumers will be able to enjoy faster and more reliable delivery of goods, ultimately enhancing the overall customer experience.

Conclusion

The cooperation agreement between MYEG and GACC’s East Logistic-Link on the Zetrix blockchain platform marks a significant milestone in the logistics industry. The integration of blockchain technology in cross-border trade facilitates secure and efficient communication, reducing the need for intermediaries, ultimately lowering costs and increasing efficiency.
By providing businesses and consumers with a range of benefits such as secure and efficient communication with customs offices, enablement of customs clearance, and facilitation of the cross-border movement of goods, the Zetrix blockchain platform is set to revolutionize the logistics industry.

FAQs

**Q1. What is MYEG?**
MY E.G. Services Berhad (“MYEG”) is a Malaysia-based company that provides electronic government services, including the issuance of licenses and permits.
**Q2. What is the Zetrix blockchain platform?**
The Zetrix blockchain platform is a platform that enables secure and efficient sharing of data, reducing the need for intermediaries and ultimately lowering the costs of doing business.
**Q3. What are the benefits of using blockchain technology in cross-border trade?**
The benefits of using blockchain technology in cross-border trade include transparency, security, and trust, ultimately leading to faster clearance times and overall smoother transactions.

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