Alibaba joins hands with Yiwu to build a trading platform for SMEs

Alibaba Group Holding Ltd is taking its electronic World Trade Platform to fresh heights by cooperating with another Chinese city in an initiative to lower barriers to global trade for small- and medium-sized enterprises via e-commerce.

The internet behemoth signed a strategic agreement with the municipal government of Yiwu, a city in East China's Zhejiang province, known for manufacturing and exporting small commodities, to help Chinese wares gain more exposure to the rest of the world.

The tie-up will focus on digitizing trade infrastructure and developing additional trade flows for the city. The venture also plans to work on innovations in trade finance and establish a smart logistics hub there, a joint news release said.