SHANGHAI — Shanghai Free Trade Zone (FTZ) will set up a service center to help companies break technical barriers to trade with countries participating in the Belt and Road Initiative, FTZ authorities said on May 22.
The service center will have eight functions, including rating the quality and credit of companies from countries and regions participating in the initiative. It will also provide information on ports in these countries and regions and on their customs procedures and technical regulations.
“About 40 percent of Chinese companies have suffered technical barriers to trade when going global. Most of them are unfamiliar with the technical requirements of foreign markets,” said Wang Lizhou, an official with the General Administration of Quality Supervision, Inspection and Quarantine.
The service center will help Chinese companies learn more about markets along the Belt and Road and set up a new cooperative model of connectivity, according to the Shanghai FTZ Administration.