China Lifts Tariffs on Australian Wine, Australia Welcomes the Move
In a significant step towards mending trade relations, China announced on Thursday that it will lift its anti-dumping and anti-subsidy tariffs on Australian wine starting Friday. The decision marks a positive turn in the economic ties between the two countries, offering a much-needed boost to Australia’s wine industry.
The Ministry of Commerce of China stated that due to changes in the Chinese wine market, it is no longer necessary to impose tariffs on wine imports originating from Australia. The tariffs, which were set to last five years, were implemented in March 2021 but have been under review since November 2023.
Australian Prime Minister Anthony Albanese welcomed the announcement, highlighting its timely assistance to Australian wine producers. “The re-entry of Australian bottled wine into the Chinese market will benefit both Australian producers and Chinese consumers,” Albanese said in a joint media release from Australian government agencies.
Prior to the tariffs, Australia’s wine exports to China were valued at 1.1 billion Australian dollars (approximately $713 million) in 2019. The lifting of the tariffs is expected to rejuvenate trade and open opportunities for market expansion.
Lin Jian, spokesperson for the Chinese Ministry of Foreign Affairs, commented on the development during a regular press briefing. “China and Australia have recently engaged in dialogue and consultation to properly address each other’s concerns,” Lin said. “We are ready to continue to strengthen dialogue and cooperation with Australia on the principles of mutual respect, equality, mutual benefit, and seeking common ground while reserving differences.”
The move is seen as a positive signal for investors and market analysts, indicating a potential thaw in previously strained relations. Business professionals anticipate that the restored trade channel will not only benefit the wine industry but also pave the way for enhanced economic collaboration across various sectors.
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China to lift anti-dumping tariffs on Aussie wine, Canberra welcomes
cgtn.com
