The Australian Border Force (ABF) has this week issued a reminder notice to importers and exporters about Mutual Recognition Arrangements (MRAs) which recognise Australian Trusted Traders in economies where Australia has arrangements in place.
Administered by Home Affairs with the Australian Border Force, Trusted Trader is free and accredits Australian businesses with compliant trade practices and a secure supply chain.
MRAs assist in reducing delays and decreasing the regulatory burden at the borders of our trading partners. Reducing clearance times for Trusted Traders results in faster access to international markets and savings in time and money.
Independent economic analysis suggests MRAs will provide $2.8 billion of savings to the Australian economy over ten years, through improved customs clearance times and improved certainty in variable customs environments.
Australia has MRAs in place with:
– Canada Border Services Agency
– General Administration of Customs of the People’s Republic of China
– Hong Kong Customs and Excise Department
– Japan Customs
– New Zealand Customs Service
– Republic of Korea Customs Service
– Singapore Customs
– Taiwan Customs Administration
Australia continues to pursue MRAs with other trading partners. During 2018 and early 2019 Australia’s MRA network expanded considerably including through:
– signing and implementation of MRAs with Japan (estimated to benefit the economy by $121 million), Singapore ($119 million), and Taiwan ($16.9 million); and
– implementation of our MRA with Canada (estimated to bring $8.5 million to the Australian economy), Hong Kong ($50 million), and Korea ($6.87 million).
Negotiations are on track with the US and Thailand. Australia looks forwards to further expanding our MRA partnerships globally.
