Australia and China have reached a significant breakthrough in their prolonged wine tariff dispute, raising the prospects of a potential resumption of unrestricted wine trade as early as April 2024.
Penfold's maker, Treasury Wine Estates, said in 2022 it had lost 97% of its China business due to the introduction of the tariffs, it's shares rose more than 5% on news they could soon be removed.Prior to Australia's call for an investigation into the origins of COVID-19 in 2020, Australian wines imported into China were subject to zero tariffs following the signing of a free trade agreement in 2015, giving them a 14% tariff advantage over many other wine producing nations.
Late last month, as ties between Beijing and Canberra improved, the two sides announced they had reached a consensus to settle a World Trade Organisation dispute about wine and that anti-dumping tariffs, which weren't set to expire until 2026, would be reviewed.
"We are looking forward to the tariffs being removed. I think for Australia there is definitely an opportunity," he said.
Australia and China have reached a significant breakthrough in...
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