21.08.2020, 11:40

Japan wants to promote the ASEAN Trade Document Digitization Platform

Hanoi (VNA) - The Japanese government plans to promote a platform among ASEAN member countries for the digitization of all trade-related documents, according to Kyodo News who cited sources familiar with the matter as reporting on August 5. .
Japan wants to promote the ASEAN Trade Document Digitization Platform
Photo: Rappler.com

The Japan expects the platform to strengthen the supply chain in the region where many Japanese companies have production bases while deepening economic ties with the 10-member bloc.

The scanning platform, currently being developed by a consortium of 18 Japanese companies, uses blockchain technology to prevent data hacking, the sources said.

The consortium, whose participants include NTT Data Corp., Mitsubishi Corp. and Nippon Express Co., will conduct a test of the platform this year in Vietnam, the chairman of the ASEAN for 2020 the sources said.

By eliminating the massive exchanges of paper between parties involved in trade activities, the platform is expected to significantly reduce the costs and time required for customs documentation work. It can also digitize letter of credit issuance procedures by banks and commercial insurance contracts.

The development of the platform comes as the Ministry of Economy, Trade and Industry finances the creation of new businesses through projects of digitization in Asian countries.

ASEAN has 10 members: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. - VNA