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Canada and Singapore trader agreements boost for Aussie businesses

Becoming a Trusted Trader has never been easier through a streamlined application process. Take advantage of new markets now!

Australian businesses participating in the Australian Trusted Trader Program will have easier access to both the Canadian and Singaporean markets thanks to two new Mutual Recognition Arrangements.

The Australian Trusted Trader (ATT) Program is open to all Australian businesses that import, export or provide services that support traders in the international supply chain. The program rewards traders who have secure supply chains and compliant practices.

Singapore and Canada join a growing list of countries to have signed an MRA with Australia including New Zealand, the Republic of Korea, Hong Kong and the People’s Republic of China, which together are worth $892 million to the Australian economy.

Minister for Law Enforcement and Cyber Security Angus Taylor said the new MRAs would support the Turnbull Government’s ambitious trade modernisation plan.

“This Government has committed $10.5 million in the 2018-19 Budget to transform and modernise Australia’s international trade supply chain and the ATT is a pillar of this agenda,” Mr Taylor said.

“The seamless trade model established under these MRAs allows Australian Trusted Traders unprecedented access to trade facilitation benefits and reduced costs, and increases their access to global markets.

“These arrangements improve Australia’s international trade competitiveness, contribute to economic growth, job creation and investment in the national economy.

“To access the benefits under these MRAs, you need to be an accredited Trusted Trader. I strongly encourage Australian businesses who want a competitive edge to join the ATT program.”

Under the Australia-Canada MRA, members of the ATT Program and the Canada Border Services Agency’s Partners in Protection Program will have access to streamlined border examinations.

Another MRA was signed this week in Singapore by Australian Border Force (ABF) Commissioner, Michael Outram, and his Singaporean counterpart Director-General of Singapore Customs, Ho Chee Pong, and formally recognises both countries’ Authorized Economic Operator (AEO) programs.

The signing will be followed by a pilot period to ensure successful implementation.

“In 2016-17 Australian exports to Canada were valued at $36.8 million and we are confident this arrangement will help boost this trade even further,” Mr Taylor said.

“We estimate that the implementation of an arrangement with Singapore will bring a benefit of $119 million to the Australian economy over the next ten years.”

ABF Commissioner Michael Outram said that when a business has Trusted Trader accreditation, the origin of its goods and entire supply chain are transparent and comply or exceed the highest international standards. This enables the ABF to process their cargo faster across the border.

“MRAs reduce the regulatory and cost burden on Australian businesses while ensuring the integrity of our border,” Commissioner Outram said.

“The ABF is committed to working with industry to uphold and improve our strong borders, and Trusted Trader is one of the ways we reward businesses that help us achieve this.”

Becoming a Trusted Trader has never been easier through a streamlined application process.

For more information and to join online visit www.abf.gov.au/trustedtrader

SOURCE: Australian Government

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