The Cabinet, chaired by Prime Minister Narendra Modi, has approved the signing and ratification of a Mutual Recognition Arrangement (MRA) between India and Australia. The MRA will facilitate trade between the two countries by providing reciprocal benefits to accredited and trusted exporters.
The MRA is based on the World Customs Organization’s SAFE Framework of Standards, which aims to secure and facilitate global trade. It will allow accredited exporters from both countries to benefit from faster clearance of goods by customs authorities.
The MRA will come into force once it is signed by the authorized representatives of India and Australia. The text of the MRA has been finalized with the concurrence of the customs administrations of both countries.