China – Australia: Improving relations after abolition of customs duties on wine exports

It improves its relationship with Australia, as Australian wine exports are abolished, according to a Bloomberg report. Today’s announcement (28.3.2024) by China to abolish customs duties marked the end of a three-year trade pressure campaign in Canberra and increased hopes of rejuvenation of the billion-dollar sector. At the same time, the trade industry has been waiting for the announcement for weeks, since some Australian winegrowers and lawmakers stated that an Asian country had made a temporary recommendation to remove import taxes. The Australian government said it welcomes Beijing’s move and that it would halt legal proceedings at the World Trade Organisation, however, the president of the Australian-China Business Council warned yesterday that wine producers might not return to the market fully.