AUSTRALIA REACHES DEAL WITH CHINA TO RESOLVE WTO WINE DISPUTE – Deal clears the way for the resumption of imports worth $800 million yearly
Australia reached a deal with China to move forward to solve its World Trade Organization (WTO) dispute over wine, Prime Minister Anthony Albanese said.
The breakthrough potentially clears the way for the resumption of imports worth $800 million a year before the duties were imposed in 2020. The move is the latest in a diplomatic thaw between the two countries that has already seen China lift restrictions on imports of Australian commodities such as coal, timber and barley worth billions of dollars.
China announced in November 2020 it would impose anti-dumping and countervailing duties of up to 218% on most Australian wine, causing trade to collapse. The measures were part of a barrage of trade restrictions that China imposed after Australia called for an inquiry into the origins of COVID-19.
Albanese also said on Sunday he would travel to China from Nov. 4 to 7 to meet with President Xi Jinping and Premier Li Qiang in a bid to stabilise relations between the two countries. It will be the first trip by an Australian leader to China since 2016.