Australia (Commonwealth)_Did you know that trade plays a massive role in Australia’s economy, contributing to 45% of our GDP and providing one in five Australian jobs? The government’s Digital Trade Strategy has set an exciting vision for us to become a top 10 digital economy by 2030. This involves seizing trade opportunities and streamlining processes.
Australia is in a great position to lead in digital development. We’re actively engaged in negotiations at the World Trade Organization and have been part of various digital trade and blockchain exchanges with other nations. These are fantastic beginnings, but we need to match them with domestic reforms.
Recently, we’ve faced some challenges at our borders. Despite leading in trade liberalization and digitization, our ‘trading across borders’ ranking has slipped. This is impacting our post-COVID-19 recovery. Lengthy clearance processes are affecting our global competitiveness, increasing costs, and reducing productivity.
While it’s been over two decades since the introduction of Australia’s single trade window, the Integrated Cargo System, it’s showing its age. We’ve invested significant resources in reviews, studies, and consultations, but it’s time to turn these discussions into action.
We’re taking cues from Asia-Pacific Economic Cooperation (APEC) to develop seamless single window systems, enhancing trade and supply chain security. We’ve had a strong presence in international trade efforts, but it’s time to catch up.
Australia’s potential is immense. We have the opportunity to make significant strides in digital trade systems, propelling productivity and competitiveness. The recent Customs Legislation Amendment Bill is a crucial step towards this goal, opening doors for innovative approaches like the UK’s Ecosystem of Trust.
Let’s embark on these domestic reforms together and reclaim our spot as leaders in digital trade. With the right changes, we’re set to power Australia’s growth for the next 30 years!
Cheers to a bright digital future!
