Yiwu launches cross-border trade compliance service platform
Yiwu in Zhejiang province unveiled the Yiwu Cross-border Trade Compliance Service Platform on Nov 27. It is the first of its kind in the province.
A cross-border e-commerce company in the city used the platform to input product HS codes and query the tax rate information of RCEP Certificates of Origin in relevant countries on the same day, which will greatly facilitate exports.
The company has also obtained the criteria for determining the origin of goods, helping companies export products. Subsequently, companies can benefit from trade agreements' relevant rules to obtain tariff reductions, reduce business costs, enhance the competitiveness of exports, and enter international markets more easily.
The platform integrates global regulations, trade data, tariff data, TBT notifications, and other data through big data technology and AI algorithms and has established a large-scale database with three major service contents: "Smart Tariffs", "Smart Compliance", and "Smart Taxation".
It features a compliance big data search engine for enterprises, reduces cross-border trade compliance risks for the platform and merchants, provides compliance information references, and supports enterprises in building their brands abroad.
The platform will be key for Yiwu in building a competitive advantage in new foreign trade formats, and it is a necessary measure to promote the healthy and compliant development of the city's cross-border e-commerce industry, said a local official.
The official added that the platform will create intellectual property compliance big data and provide comprehensive compliance solutions for cross-border e-commerce enterprises to reduce international trade risks in the near future.