It was pleasing to see the Minister, The Hon Peter Dutton MP, on Friday acknowledge the 41 pilot partners for their participation in the pilot phase of the Australian Trusted Trader Program, as well as the first four fully accredited companies – Target Australia, Pacific Brands, Techwool Trading and Teys Australia.
In addition, the following quotations from his speech provides some very important insights into the current status of Australia's Trusted Trader (ATT) Program (our emphasis below):-
"Trusted Trader is one of Australia's most significant international trade reforms and modernises how we facilitate trade and manage the volume, complexity and the risk at the border." .....
"It is through that co-operative partnership we now have a programme providing mutual benefit to the Government and industry, and this is highlighted by the 300 entities that have already expressed interest in joining the Trusted Trader programme since the 1st of July." ....
"We have already entered into an MRA with New Zealand and are already working towards further MRA's with Korea, Hong Kong, Singapore, Canada and China." ....
"From your perspective, as traders, you gain access to a suite of benefits to ensure your trade is free of red tape, faster and more efficient through expedited movement of cargo, streamlined reporting, accelerated border clearances and the option to defer duty." ...
"It is structured around five pillars:
It is inclusive. ATT is open to all Australian businesses that conduct international trade – big or small.
In fact, over a third of applications for Trusted Trader since 1 July have been from small businesses across the country seeking the benefits that the programme has to offer.
It also incentivises compliance to better secure our border, and represents the ongoing partnership between government and industry to share responsibility for border management.
It better facilitates legitimate trade by rewarding accredited businesses with a range of benefits that reduce the time, and cost of trade. In turn, this provides significant benefits to our broader economy.
It provides an opportunity to securely test new trade initiatives using an entirely accredited supply chain.
This minimises risk to government, and promotes our goal in co-designing initiatives with industry.
It moves us closer to a seamless border service, providing us with the opportunity to align with other government agencies that also administer trade facilitation, industry assistance and supply chain security programmes." ....
"Trusted Trader is a key part of the Turnbull Government's broader agenda to improve Australia's trade facilitation performance and forms part of Australia's G20 Growth strategy.
Boosting our trade linkages with countries in our own region, as well as removing trade barriers are vital in supporting the transition of our economy from mining investment-led growth to broader-based growth.
This is why, as Andrew pointed out before, we invested $70 million in the last federal budget – because we know the economic returns over the next decade will dwarf our initial investment.
Over the next decade, the Australian Trusted Trader programme is expected to deliver an increase in household consumption of $2.2 billion, as well as additional business investment of almost $1 billion.
For the Australian industry involved in the programme, partners like you, there is expected to be a substantial benefit, a direct impact of $2.9 billion and associated regulatory savings of $42.2 million.
With 50 per cent of our two-way trade value, and 30 per cent of our two-way trade volume expected to be secured through Trusted Trader by 2020, there are substantial opportunities to be realised."
At TTI, we are encouraged by the support of this Government to the Trusted Trader Program and the ongoing industry engagement during the process of implementation and continuous improvement in the future.
Any company wishing to understand how to secure "a ticket to the game", please visit our website at www.trustedtrader.com.au or contact the writer at firstname.lastname@example.org.
Enjoy the rest of your weekend!
CEO - Trusted Trader International