The Australian Border Guard plans to facilitate cross-border trade with Singapore using blockchain. System testing started this week.
According to a statement from the Australian Border Patrol, in line with the Australia-Singapore Digital Economy Development Agreement, testing of a blockchain-based application was launched this week to facilitate the exchange of trade documents.
The testing, which is being conducted in collaboration with the Singapore Customs Administration and the Information Technology Development Authority (IMDA), aims to reduce administrative costs and improve the efficiency of trade between countries.
In particular, the capabilities of the digital verification platform in the intergovernmental register of the Australian Border Guard Service and on the TradeTrust IMDA platform for the exchange of electronic documents, including certificates of origin of products, will be tested.
“This initiative will include paperless trading and secure digital exchange of trade information to advance the future architecture and design of Australia’s Single Window trading system,” said Border Guard Commissioner Michael Outram.
Testing reviews will be provided by businesses and regulators, including the Australian Chamber of Commerce, the Australian Industry Group and Singapore-based ANZ Bank. According to the National Roadmap for Blockchain Development, the Border Guard will provide a plan to launch the system in 2021.
The Australia-Singapore Digital Economy Development Agreement, signed by the countries in August, sets out rules to reduce barriers to digital commerce, as well as create an infrastructure in which businesses and consumers can participate in the digitalization of both countries’ economies.
As a reminder, the Australian Stock Exchange (ASX) recently postponed the launch of a clearing and settlement system on the blockchain until April 2023 due to higher platform requirements than previously thought.
