- Australia’s $1.2 billion wine trade with China has been devastated by a painful disagreement.
- The Chinese Ministry is to resolve the barley case dispute with Australia to enhance mutual trust and cooperation.
- Shares of Treasury Wine Estates increased by 2.64 percent to $12.05 after the announcement.
Australia’s $1.2 billion wine trade with China has been devastated by a painful disagreement that Australia is on its way to resolving. In March 2021, Beijing placed taxes on Australian bottled wine that could reach 200 percent.
The case was referred to the World Trade Organization because the judgment was seen as a response to the federal government’s request for an investigation into COVID-19’s origins.
Australian wine
Following a time of improved relations with the Australian government, the Chinese Commerce Ministry now claims they are offering a “package” deal to settle the conflict.
To improve confidence and cooperation between the two countries, the Chinese Ministry of Commerce has stated its willingness to seek a resolution to the barley case dispute with Australia.
Shares of Treasury Wine Estates, which is home to well-known labels 19 Crimes and Penfolds, increased by 2.64 percent to $12.05 after the announcement. Before an effort to settle their trade complaints before the WTO, the spokesman claimed that the two countries had undertaken “in-depth discussions” this year.
He also cautioned that Australia’s anti-dumping efforts against three products, including wind towers, railroad wheels, and stainless steel sinks, have raised “serious concerns” in China.
If a product is being exported to another country at a price that is below the average for the identical product in the exporting country, harming the domestic industry, anti-dumping measures may be implemented.
According to him, the parties are attempting to promptly settle these disagreements through communication and consultation.
