China on Thursday said it will lift tariffs placed on Australian wine over three years ago, in a sign of improving ties between the two countries.
China’s Ministry of Commerce said the decision will take effect Friday.
China imposed tariffs on Australian wine in 2020 during a diplomatic feud, sending duties skyrocketing above 200 per cent.
The Australian wine market took a heavy hit from the tariffs, as China was Australia's top wine export destination.
Trade tariffs have been a hot topic between Beijing and Canberra in recent years after China imposed a raft of sanctions on Australian goods in 2020 during the most recent nadir in the bilateral relationship. It is estimated that the tariffs cost the Australian economy 20bn Australian dollars ($13bn).
Most of the tariffs have since been lifted as the relationship thawed.