More benefits for Australian Trusted Traders announced
Five new benefits for Australian Trusted Traders, were announced at the annual symposium held on 8 August 2018. There are over 200 accredited Trusted Traders who are able to access these benefits with estimated savings of $3.2 billion projected for Australian business over the 10 year period to 2025.
The Australian Trusted Trader program is a partnership with industry and offers a range of benefits including streamlined border clearance saving time
and money, as well as the opportunity to be a part of the conversation about future benefits and trade modernisation.
The new benefits available only to accredited Trusted Traders include:
- Duty deferral: improving cashflow and reducing delays at the border by enabling Trusted Traders who defer GST to be able to defer the payment
of some customs duties on goods.
- Origin Advance Ruling: a special advance ruling exclusively for Trusted Traders who import goods under the China Australia Free Trade Agreement
(ChAFTA). Preliminary estimates by one Trusted Trader in the pilot indicate that they could save up to $1.6 million each year due to reduced
payments for the Certificates of Origin and time spent doing the paperwork. The ruling will be applied to multiple tariff classifications and
rules of origin criterion.
- Full implementation of the Republic of Korea Mutual Recognition Agreement (MRA): improving predictability, certainty, and speed to market
for Trusted Traders through an agreement between Korean and Australian customs administrations. Now the MRA has been fully implemented, Trusted
Traders will receive priority treatment of goods at the border through expedited clearance, reduced documentation and cargo inspections, and
minimised disruption to trade flows.
- Implementation of a unique Trader Identification Number (TIN): making it easier and more effective for Trusted Traders to be recognised
by MRA partners—reducing red tape and improving the efficiency of the border clearance process. This requires standardisation of numbers
globally and acceptance of the TIN by the systems used by MRA partners.
- An even lighter touch at the border: providing faster border clearance for Trusted Traders in recognition of the lower risk that they present at the border. This will enable the Department and ABF to have a greater focus on areas of greater or unknown risks.