China, Australia settle wine dispute, PM to visit
The Commerce Ministry in Beijing said on Sunday it had reached a deal with Australia on a "proper settlement" of World Trade Organisation disputes over wine and wind towers. The ministry says China is willing to work with the Australian side to meet each other halfway through dialogue and consultation, and to jointly promote the stable and healthy development of bilateral economic and trade relations. The agreement, announced by Australian Prime Minister Anthony Albanese earlier on Sunday, potentially clears the way for the resumption of wine imports that were worth US$800 million a year before the duties were imposed in 2020. Earlier, Albanese said he would travel to China from November 4 to 7 to meet President Xi Jinping and Premier Li Qiang, with the aim of ensuring a "stable and productive" relationship between the two countries. Albanese, who took office in 2022, said he would visit Beijing and Shanghai on the visit, the first by an Australian leader since 2016. On the visit, the leaders will discuss cooperation in areas such as economic links, climate change and "links between our people", Albanese said in a statement. "I look forward to visiting China, an important step towards ensuring a stable and productive relationship," he said. "I look forward to further engaging with President Xi and Premier Li in Australia's national interest." On the wine agrement,  Albanese said: "We welcome China's agreement to undertake an expedited review of its duties. This process is expected to take five months. "Australia and China have agreed we will suspend the dispute on wine in the WTO pending the outcome of this review." China announced in November 2020 that it would impose anti-dumping and countervailing duties of up to 218 percent on most Australian wine. Before China imposed the tariffs, it was the most valuable export market for Australian winemakers. In 2019, Australia shipped wine worth around US$800 million to China, its trade data show. Last year, exports were worth US$11 million. (Reuters)_____________________________
Last updated: 2023-10-22 HKT 12:49 