In a promising update, Australian Trade Minister Don Farrell announced significant progress in addressing trade barriers imposed by China on Australian wine and lobster. Farrell expressed optimism as China nears completion of its review into tariffs on Australian wine, with expectations for a resolution by the end of March. Additionally, China is reassessing restrictions on lobster imports, signifying positive strides in trade relations.
During an interview on Sky News, Farrell conveyed his hopefulness regarding the impending conclusion of the review process, stating that China's Trade Minister had confirmed the timeline for completion. He highlighted the potential for the removal of tariffs, which soared up to 218% when introduced in 2021, pending the review's outcome. However, Farrell emphasized Australia's readiness to pursue further action through the World Trade Organization if the tariffs persist post-review.
China's efforts to dismantle trade barriers, initiated in late 2020, have seen gradual progress across various commodities, including barley, wine, coal, and lobsters. These measures mark a positive trajectory in trade relations, following tensions triggered by Australia's call for an inquiry into the origins of COVID-19.
Despite the positive momentum, wine tariffs and unofficial restrictions on lobster imports remain among the few remaining barriers. Farrell revealed insights from his discussions with Chinese authorities, indicating ongoing reviews of these issues.
Farrell expressed confidence in the direction of trade negotiations, affirming that "everything is heading in the right direction."
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