NEWS
ALBANESE: AUSSIE WINES COULD SOON RETURN TO CHINA TARIFF FREE
By Siulan Law Mathews DipWSET
23-10-2023
Source: Anthony Albanese/X
China will likely lift punitive tariffs on Australian wine imports in coming months after a negotiation breakthrough ahead of Australian Prime Minister Anthony Albanese’s state visit to China from 4 to 7 November.
Albanese said yesterday in a press conference that the two countries have agreed to suspend their World Trade Organisation dispute while Beijing undertakes an “expedited review” of duties which will take up to five months.
"We’re very confident that this will result in once again Australian wine, a great product, being able to go to China without the tariffs,” said Albanese.
He added that this was "critical,” as the wine industry has struggled to fill the gap left by Chinese buyers.
The prospect of Australian wines returning to China is one of the positive developments unfolded bewteen the two countries ahead of Albanese’s state visit to China.
Earlier this month, China has released Australian journalist Cheng Lei from detention.
Last week, the Australian government opted against revoking a lease held by a Chinese company on the northern port of Darwin after a national security review.
Australia is also set to remove anti-dumping measures on the import of Chinese wind turbines.
Albanese’s state visit to China will be the first for an Australian PM since 2016. He will meet with Chinese president Xi Jinping and premier Li Qiang in Beijing. He will also attend the China International Import Expo in Shanghai.
Responding to news that wine exports to China will soon resume, leading producer Treasury Wine Estates said it is well be placed to rebuild its business in China, its shares surged as much as 5.3 percent in today’s trading.
Australian wine exports to China were valued at more than AUD 1billion (USD 625million) before China slapped up to 218 percent tariffs in 2020, but the trade is now only worth AUD 12million..
The Australian wine sector is suffering from a serious wine glut, independent global trade think tank Rabobank has estimated that there are over 2bn litres of wine, or 2.8bn bottles, in storage in Australia.
(the writer can be contacted at: info@thewinechronicle.com)
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