Insights
- Indian Cabinet has approved a mutual recognition arrangement (MRA) with Australia, aiming to facilitate trade.
- The MRA aligns with global standards to secure trade, recognising trusted trader programmes in both nations.
- It's designed to simplify customs, strengthen supply chain security, and enhance the trade relationship between India and Australia.
Indian Cabinet, chaired by Prime Minister Narendra Modi, has given its approval for the signing and ratification of a mutual recognition arrangement (MRA) between India's Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Government of India, and the Department of Home Affairs incorporating the Australian Border Force, Australian Government. This arrangement aims to provide reciprocal benefits to accredited and trusted exporters of both India and Australia in the clearance of goods by the customs authorities in the importing country.
The MRA is in line with the World Customs Organization's SAFE framework of standards, designed to secure and facilitate global trade. It focuses on strengthening the end-to-end security of supply chains while offering enhanced trade facilitation at the global level, India’s ministry of finance said in a press release.
Indian Cabinet has approved a mutual recognition arrangement (MRA) with Australia, aiming to facilitate trade.
The MRA aligns with global standards to secure trade, recognising trusted trader programmes in both nations.
It's designed to simplify customs, strengthen supply chain security, and enhance the trade relationship between India and Australia.
The MRA involves mutual recognition of the Australian Trusted Trader Program in Australia and the Authorized Economic Operator Program in India, aimed at simplifying customs procedures and enhancing the efficiency of cross-border trade. This arrangement is expected to be particularly beneficial for Indian exporters to Australia and will likely foster a more robust trade relationship between the two nations.
The agreement is set to enter into force from the date of signing by the authorised representatives of both countries. The text of the proposed Mutual Recognition Arrangement has been finalised with the concurrence of the customs administrations of both India and Australia.
Fibre2Fashion News Desk (DP)
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