Today the Minister for Immigration and Border Protection Peter Dutton and Minister of China Customs Yu Guangzhou, signed a landmark Mutual Recognition Arrangement (MRA) between Australia and the People's Republic of China (China) at Parliament House.
The signing of the MRA enables the Department of Immigration and Border Protection and the General Administration of Customs of the People's Republic of China (GACC) to formally recognise each other's Authorized Economic Operator programmes.
"China is our largest trading partner and this arrangement is expected to bring a benefit of $440 million to Australia's economy over 10 years," Mr Dutton said.
Mr Dutton said that MRAs reduce the regulatory burden on Australian business and promote market access for exporters. The MRA with China will provide faster and more efficient access for Australian Trusted Traders (ATT) into the market of our most important trading partner.
"This arrangement will provide Australian and Chinese businesses unprecedented access to trade facilitation benefits and will reduce costs for businesses trading between our two countries, while ensuring the integrity of our border."
"I encourage Australian business of all sizes to participate in the ATT programme in order to make the most of this exciting opportunity."
Australia has existing MRAs with New Zealand, the Republic of Korea, Canada and Hong Kong, 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 ATT or MRAs, visit the Department of Immigration and Border Protection's website: www.border.gov.au/trustedtrader