China will lift its four-year ban on lobster imports from Australia by the end of this year

Published Oct 11, 2024

Tridge summary

Australia's largest export partner, China, imposed high tariffs on Australian imports including lobster in 2020 as a result of Australia's call for an independent investigation into the source of the new coronavirus. The Australian lobster industry has suffered a loss of over 20 billion Australian dollars due to these export restrictions. However, relations between China and Australia have improved, and China has successively lifted import restrictions on Australian commodities such as barley, wine, and beef. The resumption of lobster trade is anticipated by the end of this year.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Australia is one of China's largest lobster suppliers, and exports fell after Australia called for an independent investigation into the source of the new coronavirus, which led to a deterioration in diplomatic relations. In 2020, China imposed high tariffs on major Australian imports, including lobster. The statement said: "Thanks to our patient and thoughtful measures, we have resumed trade with our largest export partner. We are working to gradually eliminate all trade barriers. We have agreed with Premier Li on a timetable for resuming lobster trade by the end of this year, which will be before the Chinese New Year." According to the document, the Australian lobster industry has lost more than 20 billion Australian dollars (about 13.4 billion US dollars) due to export restrictions. In 2020, then-Australian Prime Minister Prime Minister Morrison banned Huawei from participating in the construction of Australia's 5G network on the grounds of maintaining national security, and ...

Source: Foodmate