China's government has officially abolished heavy tariffs on Australian wine, offering a potential lifeline to an industry struggling with low prices and global oversupply.
China always claimed the tariffs were targeting anti-competitive behaviour from the Australian wine industry, but both Labor and the Coalition have been adamant it was an act of political retribution after the Morrison government clashed repeatedly with Beijing. China agreed to review the tariffs in return for Australia suspending an appeal to the World Trade Organisation , which was initiated by the former Coalition government.
"The re-entry of Australian bottled wine into the Chinese market will benefit both Australian producers and Chinese consumers," they said. The decision means that China has now lifted almost all the formal and informal trade sanctions that it imposed on Australia from 2020, although barriers remain to the $700 million rock lobster trade, and several Australian meatworks remain blocked from the market."We will continue to press for all remaining trade impediments affecting Australian exports to be removed, which is in the interests of both Australia and China," the statement said.
Source: News Formal (newsformal.com)
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