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Australia plans to test paperless trade with Singapore using Blockchain

The Australian Border Force (ABF) agency is planning to simplify the cross-border trade solutions with Singapore through the integration of blockchain technology.

According to the official report, the blockchain trial, which was launched earlier this week between the authorities of Australia and Singapore, is in line with the bilateral Australia-Singapore Digital Economy Agreement.

The blockchain-based digital verification solution has been created by technology specialists from Australia and Singapore at the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT). And to further expand the program, ABF seems to be willing to cooperate with other international firms in the future.

“The ABF welcomes the opportunity to collaborate further with Singapore to improve cross-border trade between our countries. In addition to our efforts internationally, this initiative will incorporate paperless trading and secure, the digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window", said Michael Outram, Commissioner at ABF.

The ‘Simplified Trade Agenda’ is to bring changes in the trade compliance structure by making compliance processes digital without the involvement of routine paperwork. The recent trial supports the agenda and aims to test digital verification platforms developed by the authorities from Australia and Singapore.

ABF further added that “Businesses and regulators will give feedback on their experience verifying Certificates of Origin with the two systems, with the aim of reducing administration costs and increasing trade efficiency. The Australian Chamber of Commerce and Industry, Australian Industry Group, as well as financial institutions in Singapore, including ANZ, will take part in the trial.”

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