New system to revolutionise international trade

PwC Australia, the Australian Chamber of Commerce and Industry, and the Port of Brisbane have collaborated to develop a new Trade Community System that links supply chain information through blockchain technology and aims to revolutionise international trade by removing complexity.

Port of Brisbane CEO, Roy Cummins said, “To drive new efficiency gains, industry leaders need to develop mechanisms which facilitate the integration and interoperability of commercial operators across the supply chain and logistics sector.”

PwC Partner, Ben Lannan, said, “The Trade Community System proof of concept is the first stage in building an innovative end-to-end supply chain that will digitise the flow of trading information, improve connectivity for supply chain participants, reduce friction for business and reduce supply chain costs, providing unprecedented productivity gains for Australia’s international businesses.

“The port – whether sea or air – is the first and last point of domestic contact in the international supply chain, and is the primary point at which all significant supply chain participants converge. To grow Australia’s trade competitiveness, we need to look beyond our ports.”

The Trade Community System will address a number of points and recommendations from the recently released Inquiry into National Freight and Supply Chain Priorities Report.

Australian Chamber Director of Trade and International Affairs, Bryan Clark, said as a trading nation, Australia relies on efficient and effective international supply chains to drive its economic engine room.

Australia has been experiencing growth in its volume of trade, which has increased pressure on supply chains, ports and border authorities to process, screen and clear goods as efficiently as possible into the Australian Economy.

There are roughly nine million container movements at Australia’s five major ports annually. This figure is projected to rise to 15 million by 2025.

“At present the current inefficiency across Australian supply chains has added to the cost of doing business, creating up to $450 in excess costs per container,” Mr Clark said.

“This doesn’t just represent in excess of $1 billionn in value lost, but goes to the heart of Australian commodity trade viability when it gets priced out of the competitive global market.”

Mr Cummins said it is the right time for industry to initiate a reform and modernisation agenda which will shift the dial for Australia’s international business.

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