By Elishya Perera
SYDNEY, Australia (CWBN)_ Singapore Customs and the Singapore Infocomm Media Development Authority (IMDA) have partnered with the Australian Border Force to conduct a trial in order to use digital verification systems for international trade via blockchain.
The trial, which began on Monday (Nov 23), uses blockchain technology to streamline and digitise trade documents, thereby paving the way for paperless cross border trade.
Moreover, exporters and regulators are requested to provide feedback on their experience verifying certificates of origin with the two digital verification systems involved, namely the ABF’s Intergovernmental Ledger (IGL) and IMDA’s TradeTrust.
ABF said the trial would be conducted by experts from both Australia and Singapore at the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT) for the purpose of inter-government document exchange. The institutes taking part in the test include The Australian Chamber of Commerce and Industry, Australian Industry Group, ANZ Banking Group and other unnamed financial institutions in Singapore.
Australian Border Force Commissioner Michael Outram welcomed the opportunity to collaborate with Singapore to enhance cross-border trade between the two countries, and added that the initiative would secure digital exchange of trade information “as part of the future architecture and design of an Australian Trade Single Window.”
In February 2018, the ABF and the Department of Home Affairs began to develop a “single digital window” for Australia, which intends to modernise the international trade system of the country which is digital, automated and user-friendly.
The ABF believes that the use of blockchain will reduce administration costs and increase trade efficiency.
Edited by Kaveesha Fernando
