The Trusted Trader program could be the solution to your global trade challenges
2 July 2020
One of the biggest challenges facing businesses today is staying competitive in a global market. Compounding this is the increasingly complex regulatory landscape and understanding how to navigate that.
With geopolitical tensions on the rise and many national trade policies shifting towards protectionism worldwide, there is an increasing need for access to a program that supports free trade and reduces barriers.
The Australian Trusted Trader (ATT) program reduces red tape for Trusted Traders at the border and improves certainty in export markets. It also allows faster time to market by expediting the flow of their cargo in and out of Australia. The ATT can assist international traders looking to gain faster access to market with reduced transaction costs, thereby increasing global competitiveness.
To become a Trusted Trader, a company must demonstrate they have robust processes and controls in place in respect to all customs matters, with a core focus on supply chain security and trade compliance standards.
As one of 77 Authorised Economic Operator programs around the world, the ATT program aligns with the World Customs Organization guidelines for secure supply chains and trade compliance practices.
Businesses potentially eligible for the ATT program include importers, exporters and service providers, and once accredited, commercial benefits to businesses under the program include:
Reduced supply chain costs – including duty deferral.
Improved lead times / faster border clearance.
Reduced audits / intervention.
International recognition amongst countries with equivalent programs / Mutual Recognition Agreements (MRAs).
Recognition of an organisation’s status as a Trusted Trader by foreign jurisdictions is one of the key highlights associated with attaining Trusted Trader accreditation. This recognition is primarily embodied by MRAs, which involves the distribution of mutual benefits between countries that possess their own equivalent versions of a Trusted Trader program. The pursuit of an MRA agenda can demonstrate to overseas markets that Australian Trusted Traders meet international supply chain security standards, which increasingly drive trade competitiveness.
Without the ATT program, businesses could face a multitude of risk variables in supply chain logistics, which could result in significant disruptions and delays within their supply chain.
If you would like to discuss the benefits for your business of becoming ATT accredited or have further questions, please contact your adviser or get in touch with our Global Trade and Customs Team.