Business Chief Predicts China is on the Verge of Removing Tariffs on Australian Wine
Business

China Eager to Lift Heavy Tariffs on Australian Wine, Promising Greater Access to Markets

The Australian wine industry is eagerly anticipating the lifting of heavy tariffs by the Chinese government, according to a business lobby. This was revealed during a recent meeting between business leaders and Chinese Foreign Minister Wang Yi, where China emphasized that it was “opening up” to foreign investment.

David Olsson, the National President of the Australia China Business Council, expressed his optimism in an interview with Bloomberg at the Boao Forum in China. He acknowledged that while Australian businesses value the Chinese market, they are concerned about unpredictability and uncertainty when it comes to long-term investments. However, he noted that geopolitical issues will continue to influence relations between the two countries.

Economic ties between Australia and China have been improving since May 2022, with Beijing gradually lifting trade sanctions imposed on Australian exports during peak tensions. Despite this progress, there are still heavy tariffs on Australian wine imports, which reach as high as 218%. However, Olsson believes that these tariffs will be removed by the end of March.

If tariffs are lifted, many producers will be able to re-enter the Chinese market once again. However, not all of it will return as many producers are also looking to diversify and explore other markets to reduce their dependence on China. Overall, while there is optimism that the relationship between Australia and China will remain complex due to ongoing geopolitical tensions shaping their economic interactions.

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