The Minister for Immigration and Border Protection (BIBP) Peter Dutton, and Minister of China Customs Yu Guangzhou, this week signed a MRA between Australia and the People’s Republic of China at Parliament House.
The signing of the MRA enables the DIBP and the General Administration of Customs of the People’s Republic of China (GACC) to formally recognise each other’s Authorized Economic Operator (AEO) programs. AEOs work to secure the international supply chain, while facilitating the movement of legitimate trade.
Australia has existing MRAs with New Zealand, the Republic of Korea, Canada and Hong Kong, with negotiations underway with other major trading partners. These arrangements improve Australia’s international trade competitiveness, contribute to economic growth, job creation and investment in the national economy.
MRAs reduce the regulatory burden on Australian business and promote market access for exporters. China is our largest trading partner and this arrangement is expected to bring a benefit of $440 million to Australia’s economy over ten years. The MRA with China will provide faster and more efficient access for Australian Trusted Traders (ATT) into the market of our most important trading partner.
ATT is a voluntary trade facilitation initiative. It recognises businesses with a secure supply chain and compliant trade practices, rewarding accredited businesses with a range of trade facilitation benefits. The newly-signed MRA will provide Australian and Chinese businesses unprecedented access to trade facilitation benefits and will reduce costs for businesses trading between our two countries, while ensuring the integrity of our border.
