Business & Economy

China announces Australia consensus to resolve wine trade dispute

Beijing, Oct 22 (EFE).- The Chinese Commerce Ministry announced Sunday that China and Australia have reached a consensus within the framework of the World Trade Organization (WTO) to resolve their trade disputes and that it could mean Beijing lifts the tariffs it imposed on Australian wine from 2020.

“China and Australia have entered into friendly consultations within the framework of the WTO on their disputes over wine and wind towers, and have reached a consensus to resolve them appropriately,” the ministry said in a statement Sunday.

According to the ministry, China is “willing to work with the Australian side to continue consultations and jointly promote the stable and healthy development of bilateral economic and trade relations.”

Australian Prime Minister Anthony Albanese announced Sunday in a statement that Australia and China have reached an agreement to “undertake an accelerated review” of the tariffs, although the process could take months.

Albanese is expected to visit China from Nov. 4 to Nov. 7 in what will be the first official visit to the country by an Australian leader since 2016.

Relations between both countries were strained in 2017 during the mandate of former Prime Minister Scott Morrison, who began to address Chinese interference in Australian politics and the following year banned the implementation of 5G telephone networks from Chinese companies for security reasons.

In 2020, Morrison requested an international investigation into the origin of Covid-19, which was criticized by Chinese authorities.

China, Australia’s main trading partner, reacted by increasing tariffs on Australian products such as barley, wine, coal and timber, among others.

Amid improving relations since Labor arrived in Australia in 2022, Chinese authorities last month removed the 80.5 percent tariffs it imposed on Australian barley. EFE


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