Australia and Japan have signed a Mutual Recognition Arrangement (MRA) paving the way for smoother trade that will benefit businesses in both countries and strengthen supply chain security.
The Director-General of Japan Customs, Motoya Nakae and Australian Border Force Commissioner, Michael Outram APM, signed the MRA between Australia and Japan.
Assistant Minister for Customs, Community Safety and Multicultural Affairs Jason Wood said the signing of the MRA enables the Department of Home Affairs and Japan Customs to formally recognise each other's Authorised Economic Operator (AEO) programs.
"I am pleased that by signing the MRA between our AEO programs, we will be further strengthening our cooperation at the border and improving trade facilitation and national security," Assistant Minister Wood said.
"The arrangement will provide Australian and Japanese accredited traders with increased reliability and predictability, thereby increasing market access."
"We estimate that the implementation of this arrangement with Japan will bring a benefit of 121 million dollars to the Australian economy over the next ten years."
It will reduce border friction for two-way trade and benefit businesses that import, export or provide services that support traders in the international supply chain."
Australia has existing MRAs with Canada, the People's Republic of China, Hong Kong, the Republic of Korea, New Zealand, Singapore and Taiwan, with negotiations underway with other major trading partners.
These arrangements improve Australia's international trade competitiveness, contribute to economic growth, job creation and investment in the national economy.
For more information on Australian Trusted Trader or MRAs, visit the department of Home Affairs' website: www.homeaffairs.gov.au/trustedtrader