Alibaba Collaborates With Yiwu to Build SME Trading Platform
Reportedly, Alibaba Group Holding Limited BABA has signed an agreement with the Yiwu government to establish an e-commerce trade hub under the Electronic World Trade Platform (eWTP) initiative. The deal is inline with Alibaba’s strategy of enhancing cross border e-commerce activities and setting up an equitable platform for small players in the global trade market. Per the latest report from Statista, revenues in the e-commerce market of China are expected to witness a CAGR of 11% between 2019 and 2023. Alibaba’s chief executive officer Daniel Zhang said, “Alibaba Group and Yiwu both have a long history of enabling small businesses to participate in global trade. While Yiwu brings together buyers from around the world, Alibaba’s platforms also bring together millions of merchants and hundreds of millions of consumers.