(Adds background, details in paragraphs 2-5)
March 12 (Reuters) - Australia's Treasury Wine Estates (TWE) on Tuesday said that the Chinese Ministry of Commerce (MOFCOM) has released an interim proposal to remove tariffs on Australian wine imports into China.
The winemaker, however, said that MOFCOM has not yet finalised the proposal and it could undergo changes. The company expects the ministry to release the final proposal in the coming weeks.
The removal of tariffs by China, if approved, would enable the company to rebuild its export portfolio to the country, after Beijing imposed tariffs on Australian wine in 2021.
Before the Chinese tariffs, Treasury Wine accrued one-third of its profit from the Chinese market.
News: TWE UPDATE 1-Australia's Treasury Wine Estates notes China interim proposal on wine tariff...
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