The Australian wine industry has received some good news about the possibility of resuming trade with China.
The Global Times, a mouthpiece for the Chinese Communist Party, ran a positive article headlined, “China ready for ‘package’ resolution in trade dispute with Australia: commerce ministry.”
Treasury Wine Estates share price rose 2.65 percent to $12.05 on the news.
China is known to announce trade developments through The Global Times.
“China is willing to promote a ‘package’ resolution for a trade dispute with Australia, regarding Chinese anti-dumping and countervailing measures on Australian wine and similar Australian measures against three Chinese products, China’s Ministry of Commerce (MOFCOM) said on Thursday,” the article says.
“Australian officials have been calling for a resolution on Chinese tariffs on wine and barley, and He Yadong, a spokesperson for MOFCOM, said that China stands ready to work with Australia to further enhance mutual trust and cooperation, while fully accommodating each other’s concerns.
“He said China and Australia have been discussing ways to address the trade dispute since the beginning of 2023.
“While Australia raised concerns about anti-dumping and countervailing measures against its barley and wine, China raised concerns about Australia’s anti-dumping and countervailing measures against three Chinese products – wind towers, railway wheels and deep drawn stainless steel sinks – as well as inappropriate practices in Australia’s trade remedy investigations against China.
“After many rounds of discussions, both sides agreed that they will ‘continue to work together actively to seek a prompt resolution of our other disputes, [China’s] anti-dumping and countervailing duty measures on wine from Australia and [Australia’s] anti-dumping and countervailing duty measures on certain products from China’, He noted.”
The newspaper went on to say the wine industry in China is “important”.
“And the case involves over 1,000 Chinese wine companies, He noted, while reaffirming that China is willing to work with Australia and to promote ‘a package solution’.”
The Global Times has been very critical of Australia throughout the trade dispute, but the positive tone in this article augers well for a resumption in wine exports to China.
Prime Minister Anthony Albanese will visit China before Christmas – the first Australian PM to visit the country in seven years.