Alibaba founder Jack Ma wants to establish a new online free trade platform for small businesses. (Photo : Getty Images)
Free trade has found a surprising ally in Alibaba founder Jack Ma, who expressed his support for the establishment of on online global trading platform free from bureaucratic interference.
Ma made his position known in a new video released for the upcoming G20 summit in Hangzhou, Zhejiang in September. In the video, the business tycoon detailed what he called the Electronic World Trade Platform or e-WTP, Fortune reported.
"What if we can use a new technology to let 1-2-3 billion people to do trade," Ma opened in the video. He then proceeded to elaborate on the idea.
Ma envisioned the e-WTP as a venue where small businesses will be able to do trade without having to deal with tedious and cumbersome customs procedures and where raw trade serves as a primary driving force.
The e-commerce magnate has been proposing the establishment of the online exchange platform since early this year, championing it as a more effective alternative to trade blocs in fostering more trade. In March, Ma heavily criticized trade agreements, including the World Trade Organization, for siding more with large multinationals instead of small and medium-sized businesses.
While Ma's proposal is seen by some as advancing Alibaba's own push to expand overseas, it has also gained a lot of support in China. Chinese press has suggested that policymakers also want a similar scenario, as it would open a larger market to local sellers and will also help to China's economy as it moves from heavy industry to products and services.
He is expected to lobby with international economic leaders during the meeting for support of the project.
Meanwhile, Ma has also announced that Alibaba has adopted a new stock sales plan following Rule 10b5-1 of the Securities and exchange act of 1934. Under the new plan, the company will open the sale of 9.9 million shares of its stock, which represents 5 percent of Ma's total hold on Alibaba, Street Insider reported.
Aside from being used in wealth management, the new plan will also be used for generating funds for Ma's philanthropic activities.
