China’s $20 billion Australian trade war is over as the lobster trade resumes

Published 2024년 10월 10일

Tridge summary

Prime Minister Anthony Albanese announced the lifting of the final block in a $20 billion trade embargo on Australian exports to China, allowing the resumption of live lobster exports. The agreement, reached with Chinese Premier Li Qiang, aims to fully restore lobster trade by Chinese New Year, following the gradual removal of previous sanctions on agricultural products like barley, wine, beef, timber, and coal. The trade sanctions were imposed as a form of political retribution in 2020 in response to Australia's push for an independent coronavirus inquiry. The lifting of these sanctions is expected to boost Australian exports, although the government urges businesses to continue diversifying their trade markets beyond China.

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Original content

The final block in a $20 billion trade embargo on Australian exports to China has been lifted, with Prime Minister Anthony Albanese announcing he had struck an agreement with Chinese Premier Li Qiang to reopen exports of live lobsters. Albanese finalised the agreement on Thursday morning in a one-on-one meeting with Premier Li on the sidelines of the ASEAN summit in Laos. “Premier Li and I agreed on a timetable to resume full lobster trade by the end of this year. This, of course, will be in time for Chinese New Year,” Albanese said. China’s imposed $20 billion of trade sanctions as an act of political retribution against the Morrison government in 2020, hitting barley, wine, lobster, timber, major beef exporters, timber and cotton. The bans came in response to then-prime minister Scott Morrison’s push for an independent coronavirus inquiry, with China citing labelling and health certificate requirements as reasons for the beef bans, and claimed biosecurity issues were the reason ...

Source: Watoday