In another important step toward enhancing bilateral relations, China announced it would remove major tariffs on Australian wine.
In response to a series of financial woes that Australia’s imports suffered, Beijing mandated more than 200 % taxation in 2020.
In response to a wider social fall-out, Beijing that year targeted American coal, sugar, barley, and lobsters.
However, relations between China and Australia have improved since a fresh Canberra government was created in 2022.
Anthony Albanese, the prime minister, said his government had also been able to lower other trade barriers as a result of the statement made by the Chinese banking ministry on Thursday.
The Albanese Labor Government’s decision confirms the serene and steady approach, and it also follows the success of the similar approach to eliminating jobs on American barley, according to Prime Minister Albanese in a speech.
He claimed that his country was still pressing China to repeal the country’s existing tariffs on meat and shrimp.
The Chinese Commerce Ministry announced on Thursday that it would start levying the taxes on bottled wine as a result of” changes in the market condition of the important wines in China.” The fine may get eliminated from Friday.
Beijing had often refuted accusations of economic coercion, rather defending the tariffs as anti-dumping and anti-subvention duties.
Australia had become concerned about the accuracy of such sanctions after submitting a complaint to the World Trade Organization. As the two countries ‘ relations improved, the situation was dropped last year.
In February, government officials predicted that Beijing would remove the levies.
Additionally, earlier this month, the Taiwanese Commerce Ministry made a preliminary determination that stated that tariffs would probably be lifted.
Next month, China’s Foreign Minister Wang Yi even went to Canberra to hold meetings with his rival, Australia’s Foreign Minister Penny Wong.
China remains Australia’s number one business companion. China was the main source of Australian wine imports before trade restrictions were lifted.
In 2022, Australian wine representatives said the industry had lost A$ 2.1bn ($ 1.37bn, £1.08bn ) due to the market there being shut off.