India and Australia may sign a Mutual Recognition Agreement (MRA) soon, with a view to facilitating faster Customs clearance for traders from the two countries, a senior government official said.
“The talks have almost concluded…both countries would be signing the agreement anytime now,” the official said on the sideline of an event here.
The total bilateral trade, in value terms, between India and Australia was about $26 billion in FY23, which included India’s exports worth $7 billion and imports worth $19 billion.
Under MRA, the two countries issue mutual recognition agreement licence to trusted companies and traders, also known as authorised economic operators (AROs), to carry out bilateral trade. The Customs authorities recognise AEOs of both countries, which helps expedite customs clearances.
Currently, India has signed MRAs with six countries, including US, UAE, and Taiwan.
“The government has been negotiating for a similar agreement with many other countries, including Russia,” the official said while adding that it may take sometime.