Details released this week of an MRA between Taiwan and Australia show it rewards Australian Trusted Traders with a competitive edge and better access to markets in Taiwan.
Home Affairs-ABF released news this week that a Mutual Recognition Arrangement (MRA) between Taiwan and Australia recognises Australian Trusted Traders as having robust security practices and rewards them with an increased competitive edge and better access to markets in Taiwan.
The Taiwan-Australia MRA helps further stimulate the important economic and trade relationship between our two markets. Taiwan is Australia’s 11th largest trading partner, with two-way trade in 2017 amounting to $13.3 billion. It is estimated that the implementation of this MRA with Taiwan will bring a benefit of over $16.9 million to Australia’s economy between 2015 and 2025.
Trusted Traders exporting to Taiwan will have increased reliability at the border and reciprocal access to faster customs clearance through reduced paperwork and cargo inspections and less disruption to trade flows. Businesses exporting coal, iron ore and beef (major exports) are expected to benefit from the MRA.
Taiwan joins a growing list of customs agencies to have signed MRAs with Australia including New Zealand, the Republic of Korea, Hong Kong, Canada, the People's Republic of China, and Singapore, with negotiations underway with other major trading partners.
Under the seamless trade model established by the MRAs, Australian importers and exporters will benefit from enhanced border treatment and faster access to market when conducting trade between these economies.
MRAs are only accessible to accredited Trusted Traders. Australian Trusted Trader is a free trade facilitation and compliance program open to all Australian businesses that import, export or provide services that support traders in the international supply chain. Once accredited, businesses have access to a range of benefits that continue to grow in reach and depth.
Becoming a Trusted Trader has never been easier through an improved and streamlined application process. Improvements to the accreditation process have reduced the information required in the application, resulting in a faster turnaround on applications. Businesses of all sizes are encouraged to apply.
For more information and to apply visit www.abf.gov.au/trustedtrader.