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Wine Lovers: Australian Wine Industry on Brink of Major Breakthrough as China Moves to Lift Heavy Tariffs

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

Wine Lovers: Australian Wine Industry on Brink of Major Breakthrough as China Moves to Lift Heavy Tariffs

The Australian wine industry is on the brink of a major breakthrough, as the Chinese government considers lifting heavy tariffs on imports from Australia. This news comes after a meeting between Chinese Foreign Minister Wang Yi and business leaders at the Australia China Business Council, where he emphasized China’s “opening up” to foreign investment.

David Olsson, the National President of the lobby group, expressed his optimism about the potential for increased trade between Australia and China in an interview with Bloomberg at the Boao Forum in China. While he acknowledged that geopolitical issues will continue to influence relations, he also noted that economic ties have been improving since the Labor government took office in May 2022.

Despite this progress, there are still significant barriers to trade between the two countries. The heaviest remaining sanctions are on Australian wine, with tariffs reaching as high as 218%. However, the Australian government remains hopeful that these tariffs will be removed by the end of March.

If this happens, it could lead to a significant boost for the Australian wine industry, which has been struggling under the weight of these tariffs. Many producers are also looking to diversify and explore other markets to reduce their dependence on China. Overall, while there are ongoing tensions between Australia and China, there is reason to believe that economic ties will continue to improve in the coming months.

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