(14 MAY 2002, HONG KONG) The Pan-Asian e-Commerce Alliance (PAA) held its 8^th Steering Committee Meeting in Singapore from 9^th to 10^th May 2002. The meeting was attended by Tradelink, CrimsonLogic, Infoshare, KTNET, Trade-Van and TEDI Club. Representatives from DagangNet of Malaysia also attended the meeting by invitation, having applied for PAA membership prior to the meeting.

Speaking on behalf of the Alliance after the meeting, Mr Justin Yue, Chairman of the PAA and Tradelink CEO said, "We are extremely pleased with the significant progress we have made in these two days. In a matter of just four short months, the Alliance has grown from five members strong to seven members strong. At the 7^th meeting we admitted TEDI Club as a member. And at this meeting we unanimously endorsed the application of DagangNet for PAA membership."

Said Mr Yong Voon Choon, General Manager of DagangNet, "DagangNet is honoured to represent Malaysia in this important regional eCommerce initiative. With our participation, we hope to help integrate the Malaysian importers and exporters into the global eCommerce arena."

The PAA also reported significant progress in its various projects. "Our Certification Authority Mutual Recognition Scheme made further headway today," said Mr Yue. Following Digi-Sign of Hong Kong and TaiCA of Taiwan, Netrust of Singapore was granted recognition making a total of 3 Certification Authorities that have been recognized under the scheme. Certification Authorities from China, Korea and Japan are undergoing the assessment process and their applications for recognition are expected as soon as the assessment process is completed.

The pilot of the PAA's Secure Cross Border Transaction Service is also gathering steam. Trade-Van reported at the meeting the participation of The Formosa Plastics Group in the project which, after completing the pilot phase, will be formally launched in early 2003.

Looking to the future, PAA members are also considering integrating the PAA Secure Cross Border Transaction Service to their current Government transaction services and to expand the four commercial documents covered to other commercial documents required for financial settlement, in response to feedback from customers.

The meeting also discussed progress made in other projects, including the PAA Portal, Cargo Tracking and financial fulfillment.

To establish a clear-cut identity, the PAA has adopted a new logo which resembles the helm of ship, to symbolize its mission to pilot the development of E-commerce in the Asian Pacific region.

Mr Lee Yi Shyan, Chairman of CrimsonLogic and CEO of International Enterprise Singapore, hosted a dinner for the PAA delegates. In his welcoming address, Mr. Lee voiced the unreserved support of Singapore for the work of the Alliance. The Alliance as it is presently constituted, according to Mr Lee, represents a region whose economic strength rivals that of the USA. "China, Japan and ASEAN imported US$945 billion worth of merchandise in 2001, close to that of the USA at US$1181 billion. Anything we could do to enhance the trade and investment flows in the region will have significant economic spin-offs to the business communities," said Mr Lee.

The 9^th meeting of the PAA will be held in Hong Kong on 22-23 August 2002

For press enquiries, please contact Tradelink (Corporate Communications) on 2599 1686.