China on Thursday said it will lift tariffs placed on Australian wine over three years ago, in a sign of improving ties between the two countries. China’s Ministry of Commerce said the decision will take effect Friday.
China imposed tariffs on Australian wine in 2020 during a diplomatic feud, sending duties skyrocketing above 200 per cent.
The Australian wine market took a heavy hit from the tariffs, as China was Australia’s top wine export destination.
Trade tariffs have been a hot topic between Beijing and Canberra in recent years after China imposed a raft of sanctions on Australian goods in 2020 during the most recent nadir in the bilateral relationship.
It is estimated that the tariffs cost the Australian economy 20 billion Australian dollars (USD 13 billion).
Most of the tariffs have since been lifted as the relationship thawed.
