Reklam
Reklam
Reklam
Reklam
Reklam
Reklam

Aussie wines to China hit by tarrifs of up to 218pc for 5 years

BEIJING has slapped massive duties on wine from Australia for the next five years, a move that threatens to deprive the country's winemakers of their top export market and escalate a trade dispute, reports CNN Business

30 March 2021 - 19:00
BEIJING has slapped massive duties on wine from Australia for the next five years, a move that threatens to deprive the country's winemakers of their top export market and escalate a trade dispute, reports CNN Business.

The duties, which took effect last Sunday and range from 116 per cent to 218 per cent, were imposed after an investigation by Chinese authorities found instances of 'dumping and [market] damage.'



Australian Grape & Wine Chief Executive Tony Battaglene told Bloomberg that the industry group will likely recommend making a complaint to the World Trade Organization. China was, until recently, the largest market for exports of Australian wine.



Relations between Australia and China began to deteriorate last April after Prime Minister Scott Morrison called for an international investigation into the origins of the coronavirus. A number of Australian exports - including timber, beef and some types of coal - soon began to encounter difficulties entering the Chinese market.



Chinese investment in Australia plunged to just over 1 billion Australian dollars (US$763 million) in 2020, down 62 per cent from the previous year, according to a report released earlier this month by the Australian National University's Chinese Investment in Australia Database.



Australia's wine industry has been at the centre of the storm. The Chinese Ministry of Commerce imposed temporary tariffs of up to 212 per cent on Australian wine imports in November following an anti-dumping investigation. The value of exports of wine to China dropped to almost zero in December, according to statistics from industry group Wine Australia.


SeaNews Turkey
This news 311 hits received.

COMMENTS

  • 0 Comment