China lifts punitive tariffs on Australian wine
The HinduChina said on Thursday it would lift punitive tariffs on Australian wine, as trade ties improve between the two countries after years of tension, with Canberra soon afterwards announcing it would drop its case against Beijing at the World Trade Organization. "The re-entry of Australian bottled wine into the Chinese market will benefit both Australian producers and Chinese consumers," Australian Prime Minister Anthony Albanese, Foreign Minister Penny Wong and Trade Minister Don Farrell said in a statement on Thursday. 'Positive step' Before the trade restrictions were imposed, China was the largest destination for Australian bottled wine, accounting for 33% of export revenue in 2020, data from the Australian government shows. Melbourne-based Treasury Wine Estates chief executive Tim Ford said the announcement was a positive step for the Australian wine industry and wine consumers in China.