There will be lesser documentary and cargo inspections.
The Singapore Customs signed a Mutual Recognition Arrangement (MRA) of Authorised Economic Operator with the Australian Border Force (ABF). This allows certified Singapore companies to have lower risks to enjoy faster customs clearance with reduced documentary and cargo inspections.
In turn, Australian companies that have been certified by ABF will receive similar treatment for goods exported to the Lion City.
Prior to the MRA, a pact has been signed between the two countries in 2015 under the Comprehensive Strategic Partnership.
Singaporean companies which trade actively with Australian companies also attended the signing of the agreement.
“It will fortify supply chain security and accelerate swift international trade while keeping both countries safe,” Hewlett-Packard Asia-Pacific and Japan customs operations and compliance manager Vijay Chaudhary said.
Singapore is the first ASEAN country to sign an MRA with Australia.
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