Alibaba chief seeks global e-trading platform

Jack Ma, executive chairman of Alibaba Group, and Canadian Prime Minister Justin Trudeau, pose while holding lobsters imported from Canada at the online giant's headquarters in Hangzhou, Zhejiang province, on Saturday. They were celebrating the opening of the Canada Style online shop on Taobao.com, an Alibaba-backed online marketplace where Chinese consumers can directly buy specialty products from Canada. [Photo by Jin Liangkuai/Xinhua]

Following is an outline of eWTP, as outlined by Ma:

What is eWTP?

Alibaba's Ma views the eWTP as an international cooperation mechanism that is led by the private sector and driven by businesses with support from governments. Through public-private dialogues, and by discussing, exploring the best practices to promote cross-border e-trade and building up related regulations and standards, it can create a fertile soil for the development of the internet economy and e-commerce worldwide.

In Ma's vision, businesses would create hubs for e-commerce and governments would create virtual free trade zones for small businesses. The eHubs would allow small businesses in one country to sell to consumers in another, with low or no import duties, speedy customs clearances and better access to logistics. When connected, this would create a global network that becomes the eWTP.

Why does Alibaba want to raise the eWTP initiative?

The benefits of increased trade and globalization have not reached smaller enterprises and developing countries as much as it has benefited their larger, more established counterparts. With the development of e-commerce, any small enterprise, or even an individual, would be able to buy and sell globally via online platforms. In fact, small businesses and individuals are becoming the driving force in the new round of globalization. So there is need to innovate the traditional management methods and regulations in trade to meet the demand of the new era.

What are the goals of eWTP?

The broader goal is to lower the threshold to enable more people around the world to conduct trade by reducing barriers and making it easier for SMEs to expand their trading capabilities. Another goal is to facilitate the globalization of consumption while helping young people fulfill their dreams via free and fair trade around the world.

Contact the writers at mengjing@chinadaily.com.cn