A massive change is about to happen in Australia’s multimillion-dollar wine industry.
China’s Ministry of Commerce released an interim draft proposing to lift tariffs on Australian wine imports after it promised to expedite the review a few weeks ago.
A final decision could be announced later this month.
Australia for its part agreed to suspend the disputes it had filed before the World Trade Organization until March 31.
The recommendation could end the three-year trade freeze that affected 1.2 billion Australian dollars worth of annual wine exports.
The trade war which escalated at the height of the pandemic also affected other Australian exports such as barley, red meat, seafood, coal, copper, sugar, cotton, and timber.
China dropped at least 80 percent tariffs on Australian barley in August and lifted the ban on meat exports from three Australian companies in December of last year.
