International Trade, Customs and Excise for the manufacturing sector
International Trade has a significant role to play in the industry 4.0 world. This includes, through the identification of new possibilities and niches in the global economy for Australian suppliers of world-class products and services, and the creation of partnerships between innovators and investors, business and industry.
BDO’s International Trade team provides cost-effective, practical and value-adding advice and support on international customs and trade matters, enhancing your ability to exploit opportunities, minimise liabilities and ensure compliance with complex legislative requirements. We offer value to clients by:
- Harnessing the power of our first-class technical knowledge and experience
- Leveraging international trade networks built within industry, consulting and government
- Using trade data analytics tools to assist clients with compliance, managing data and duty mitigation.
For more information on how BDO can assist you to navigate the challenges and opportunities of customs, excise and trade law please contact Bill Cole, BDO International Trade Leader.
Australian Trusted Trader Program
As much as 41 per cent of global trade is now in intermediate goods, for example, components and research. As a result, there is a growing market for advanced manufacturers that create finished products and also add value at every stage of, and within, the global supply chain. The Australian Trusted Trader (ATT) Program is a voluntary trade facilitation program designed to provide preferential treatment to international businesses known as ‘trusted traders’, who meet or exceed trade compliance and have sufficient supply chain security controls in place.
For more information on how BDO can help you utilise the ATT please read The ATT Program.
Building innovative and resilient global supply chains
Advanced manufacturing accounts for 50 per cent of Australia’s A$100 billion, plus annual manufacturing output and is one of the fastest-growing export sectors. Part of this success is due to the cross-fertilisation between R&D institutions and the manufacturing sector. For example, co-operative research centres have been established to provide links between industry and the research community and help commercialise technologies in specialist fields including Aerospace Manufacturing, Automotive Components and Vehicle Technologies, Commercial Shipbuilding and Recreational Boat Manufacturing.
Conversely, Australian companies are also developing intellectual property in Australia, rather than focusing on inputs. Instead, raw materials are sourced from low-cost countries, taking advantage of the global supply chain and giving the company a competitive edge in a high-cost environment.
However, global supply chains are not without their challenges. While advances in technology and greater digitalisation have enabled manufacturers to grow their supply chains, building new relationships with businesses across the globe, it has also opened the door to new risks and vulnerabilities. To help manufacturers combat these issues, the Government recently announced the Supply Chain Resilience Initiative – a $107.2 million program to support businesses in establishing or scaling capabilities to address supply chain vulnerabilities. Funding applications will open after 1 July 2021.
At BDO, our supply chain experts can assist you with harnessing the power of advanced manufacturing, identifying opportunities and managing risk in your global supply chain. Should you require further information regarding the Supply Chain Resilience Initiative or your unique situation, contact your local office.
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