China has dropped its last remaining trade bans on Australia’s goods.
The restrictions, including tariffs, were imposed in 2020 and covered a range of Australian products including barley, wine, and lobster.
Prime Minister Anthony Albanese called the move “great news for Australian exporters, producers and farmers.”
Tariffs
China announced restrictions on several Australian products in 2020, including wine, barley and beef.
This took the form of tariffs — taxes on imported goods and services. It also included biosecurity measures that amounted to a full-scale ban of products like beef and timber, which Chinese authorities deemed “unsafe”.
The Chinese Government didn’t formally announce the reasons why it introduced the tariffs, but it came soon after Australia supported calls for an inquiry into the origins of COVID-19.
Removing tariffs
Australia’s diplomats have been working to remove China’s trade bans over the past few years.
In October, China confirmed it would remove restrictions placed on rock lobster by the end of 2024.
Earlier this week, the Australian Government announced two Queensland meat processing plants that were still affected by tariffs will be able to fully resume trade with China.
It’s the final 2020-era restriction that China has lifted.
Remarks
Prime Minister Anthony Albanese welcomed the news, calling it a “win for trade and a win for Australian jobs.”
In the 2023/24 financial year, beef exports were worth roughly $2.2 billion to Australia’s economy.
Trade Minister Don Farrell said: “We are close to the point where China’s trade impediments which impacted $20 billion worth of Australian exports have all been removed.“
TDA contacted Shadow Trade Minister Kevin Hogan for comment.
