The Australian Border Force Commissioner Michael Outram APM and Sanjay Kumar Agarwal, Chairman of India’s Central Board of Indirect Taxes and Customs, have signed the Australia-India Authorised Economic Operator (AEO) Mutual Recognition Arrangement (MRA). This is a significant step towards enhancing bilateral trade and supply chain security.
This agreement marks Australia’s tenth MRA and is designed to provide reciprocal trade facilitation benefits to businesses in both countries. As this agreement comes into force Australia gains faster and more efficient access to one of the fastest-growing economies in the world.
ABF Commissioner Michael Outram emphasized the importance of Australia continuing to enhance its relationships with other Customs administrations in the Asia Pacific region.
“I am honoured to be part of the signing of the Australia-India MRA, which not only recognizes but also deepens our customs connections with one of our most significant regional allies and our sixth largest trading partner,” stated Commissioner Outram.
“By fostering collaboration and engagement, we can sustain our regional prosperity and extend our relationships throughout the Asia Pacific and globally,”
He further added.
The MRA is part of a broader effort under the World Customs Organization’s SAFE Framework of Standards to secure and facilitate global trade. It aims to streamline border processing for accredited exporters, thus providing them with increased predictability, certainty, and speed to market.
This initiative is expected to drive substantial economic growth, with an estimated $588 million boost in trade into the Australian market over the next ten years
The arrangement underscores the strategic partnership between the two nations, highlighting their commitment to enhancing economic ties and supply chain efficiencies.
MRAs are integral to the ATT program, enabling Customs administrations to enhance border processing efficiency.
Australian businesses not yet participating in the Australian Trusted Traders (ATT) program are encouraged to apply, to benefit from expedited clearance and other trade facilitation advantages.
This MRA complements Australia’s existing agreements with Canada, the People’s Republic of China, Hong Kong SAR, Japan, the Republic of Korea, New Zealand, Singapore, Taiwan, and Thailand. and is pivotal in strengthening Australia’s trade relationships within the Asia Pacific region and beyond.
This development comes at a crucial time when both nations want to reduce trade barriers and enhance economic cooperation. The MRA not only benefits the business communities but also plays a crucial role in strengthening bilateral relations, showcasing the potential for further collaborations in other areas of mutual interest.
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