A. General Information
1. Title
Australia-Singapore pilot project on eCO
2. Status of the project
Pilot
3. Implementation period of the project/service:
5. Geographical coverage
Bilateral
Participating countries: Australia, Singapore
6. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
Australian Border Force, Infocomm Media Development Authority of Singapore, Singapore Customs
Other participating agencies/entities
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b. Operational stage
Lead agencies/entities (op)
Australian Border Force, Infocomm Media Development Authority of Singapore, Singapore Customs
Other participating agencies/entities (op)
Australian Chamber of Commerce and Industry, Australian Industry Group, ANZ Bank, DBS Bank, Standard Chartered and Rio Tinto
7. Main stakeholders/beneficiaries of the project
Traders (big enterprises)
Customs brokers
Customs
Other Government Agencies (OGAs)
Intermediary Financial Institutions (Banks)
8. Business process category of the project
B. Lessons Learned
9. Summary description of the project/service
Brief Summary
The Australia Border Force, the IMDA and Singapore Customs conducted a pilot project with blockchain to prove that trade documents (Certificate of Origin) could be issued and verified digitally across independent system, reducing cross-border transaction costs.
a. Objective(s)
COOs are usually issued on paper and businesses regularly wait days to receive the hard-copy document via courier before dispatching to multiple parties, including customs agencies, brokers, and banks. Paper trade documents are generally required by authorities to prove authenticity and integrity. In using this blockchain-based, decentralized approach, transactions can become more cost effective and offers scalability without the need for expensive data exchange infrastructure, lowering barriers to the adoption of paperless cross-border trade.
https://www.abf.gov.au/newsroom-subsite/Pages/aus-singapore-trial-reducing-transaction-costs-18-08-2021.aspx
b. Business need for the project (background)
The business need covered by the Australia-Singapore pilot project on eCO is to streamline the movement of goods through reduced customs clearance time and trade document exchange associated costs as well as interoperability of customs electronic systems.
c. Business process covered*
d. Overall architecture and functionalities*
QR-codes embedded with unique proofs are inserted into digital Certificates of Origin (COO), enabling immediate verification for authenticity and integrity of the document when scanned or machine-read.
e. Relevant document/figure
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10. Documents and data exchanged via the project
Electronic Certificate of Origin
11. Data models/databases, proprietary solutions, hybrid approaches
ABF’s intergovernmental Ledger and IMDA’s TradeTrust
12. Main challenges faced during the project
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13. Lessons learned from the project
In using this blockchain-based, decentralized approach, transactions can become more cost effective and offer scalability without the need for expensive data exchange infrastructure, lowering barriers to the adoption of paperless cross-border trade.
14. Main benefit(s) of the project
Transaction Cost savings*
Transaction Time savings
Simplified process
Increased trade flow
14A. Elaborations/detailed description on benefits gained
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15. Technical/financial/capacity building/other assistance
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16. Future plan for expansion of the project
The goal of the IGL platform is to progressively remove the need for paper documents and reduce cross-border transaction costs for Australian business, consistent with commitments under the Simplified Trade System reform agenda.
17. Other information or relevant references on the project
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18. Relevant document regarding the project
C. Relevant Standards
19. Name(s) of any international, national legal instrument underpinning the project
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20. Electronic message standard
20A. Electronic message standard supporting the project
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20B. Type of standard for electronic message applied for the project
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21. Technical communication standard
21A. Technical communication standard supporting the project
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21B. Type of technical communication standard applied for the project
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22. Security-related standards*
22A. Security-related standard supporting the project
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22B. Type of security-related standard applied for the project
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23. Other Technical Information
23A. Interface developed for data exchange with an internal system
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23B. Other technical implementation information
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