Image Source : AP Chinese President Xi Jinping and Australian PM Anthony Albanese
After three years, China on Friday introduced that it’s going to elevate tariffs on Australian barley imports that affected commerce price billions of {dollars}, signalling an enchancment in bilateral relations with Canberra. The transfer was welcomed by Australian Prime Minister Anthony Albanese, forward of his go to to China later this yr.
China’s resolution comes after Australia suspended its case on the World Trade Organisation (WTO) over the tariffs imposed by Beijing. The duties will probably be dropped from Saturday, mentioned the Chinese Ministry of Commerce.
“In view of the changes in China’s barley market, it was unnecessary to continue to impose anti-dumping duties and countervailing duties on imported barley from Australia,” mentioned the Commerce Ministry in a press release.
China is Australia’s largest buying and selling companion, with bilateral commerce between them estimated at $287 billion in 2022. In 2020, China imposed an 80.5% tariff on Australian barley as relations between Beijing and Canberra sharply deteriorated after then-Australian PM Scott Morrison referred to as for an impartial inquiry into the origins of the COVID-19 pandemic. Before the commerce boundaries had been imposed, barley exports to China averaged round $790 million yearly.
When Albanese’s authorities was elected final yr, he demanded that Beijing drop commerce boundaries towards Australian imports of barley, wine, coal, beef, wooden and seafood, which had been costing $15 billion yearly. Relations between the 2 nations improved after Albanese got here into energy.
“This is a very positive decision,” Albanese informed the media, whereas referring to the most recent resolution by China. Now, Canberra is urging China to elevate commerce boundaries on Australian wine, which is the topic of one other criticism on the WTO. The commerce boundaries had closely affected the Australian wine business, successfully slicing off certainly one of its most sought-after markets.
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