The Agreements mean Australian exporters will benefit from new trade facilitation measures, such as reduced examination requirements and prioritised clearance,
in Hong Kong, South Korea and Canada.“These Mutual Recognition Agreements (MRAs) are important commitments by Australia and Hong Kong, South Korea
and Canada to co-operate on important economic and trade issues,” says Export Council of Australia (ECA) CEO Lisa McAuley.
“They will improve trade-related opportunities between our economies by addressing regulatory reform, and by easing trade facilitation for Australian companies
moving goods through these important trading partners.”
South Korea is one of Australia’s largest trading partners, our third largest goods export market and fourth largest merchandise trading partner overall.
Hong Kong is the seventh-largest market in the world for Australian goods exports and an important gateway to mainland China for many Australian companies.
Canada is now a top-20 export market for Australian merchandise exports, which are growing in double digits.
An MRA is a formal arrangement between customs agencies that recognise supply chain security programmes, and provides reciprocal benefits to the other
country's trusted partners. MRAs also provide border agencies with greater end-to-end assurance over imports and exports.
The MRAs with Hong Kong, South Korea and Canada provides mutual recognition between the Australian Trusted Trader (ATT) Programme and the relevant
programmes in each country. Arrangements such as these will help to reduce the regulatory burden for Australian exporters.
Australia signed its first MRA with New Zealand Customs Service in July 2016, providing trusted Trans-Tasman exporters with fast-tracked customs processing.
“These MRAs represent important progress toward recognising respective supply chain security programmes around the world, and the ECA looks forward
to further developments as negotiation progress with other trading partners,” Ms McAuley says.