New faster trade programme announced in Australia

by Ray Clancy on May 3, 2016

in Money, Business and Finance

Doing trade with Australia is set to become faster and more streamlined with the unveiling of a $70 million programme creating a trusted trader environment.

The Australian Trusted Trader (ATT) programme, a partnership between Government and private industry, is aimed at enhancing trade by improving the international competitiveness of Australian businesses.

The Minister for Immigration and Border Protection, Peter Dutton, announced funding of $69.9 million over four years and revealed that the first businesses to enter into an Australian Trusted Trader agreement include IKEA Supply, Pacific Brands Holdings, Techwool Trading and Australia Beenleigh.

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“This is an important investment that will help Australian businesses remain economically competitive on the world stage, while also strengthening international trade and security,” Dutton said.

He pointed out that the volume of goods crossing into Australia is growing, with an expected increase of 14% in sea cargo and 26% in air cargo between 2014/2015 and 2018/2019.

“In our globalised world, we need to ensure Australia’s border and supply chain management is as efficient as possible to maximise the benefits to business and the economy,” he added.

The Australian Logistic Council estimates that as much as $1.5 billion can be saved for every 1% increase in efficiency of transport and logistics supply chains. These savings will flow directly and indirectly to industry and the Australian economy.

Under ATT, businesses that meet or exceed international supply chain and trade compliance standards will receive priority treatment and other incentives. Benefits include a dedicated account manager, faster cargo clearances at the border, and Mutual Recognition Arrangements with key trading partners.

“By offering incentives to ATT businesses, a growing proportion of international trade will become secured to an internationally recognised standard. This will allow Australia’s border agencies to focus their intelligence and operational capabilities on high risk activities and will help combat transnational crime at our borders,” Dutton said.

“ATT is an example of how the Australian Government is delivering innovation in border management and demonstrates our commitment to developing programmes through partnerships with industry,” he added.

ATT is being implemented as part of Australia’s G20 growth strategy. Australia joins 64 other nations as having Authorised Economic Operator (AEO) initiatives.

The Department of Immigration and Border Protection has been working closely with industry throughout the design and development stages of the ATT pilot programme. It will be implemented from 01 July 2016.

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