Prime Minister Anthony Albanese has seemingly popped the cork on China dropping the crippling sanctions it placed on Australian wine exports four years ago
A final decision on whether Beijing will scrap its punitive tariffs must be made by March 31, however whispers abound that an announcement could be made by the Chinese Ministry of Commerce on Thursday evening or Good Friday morning.
Prior to the introduction of the duties in 2020, China was Australia's largest export market for wine with the trade worth $1.1 billion in 2019.
The tariffs effectively saw that plummet to little more than $10 million, bringing the industry to its knees.
During a press conference at a winery in New South Wales' Hunter Valley on Thursday morning, Mr Albanese said "we reckon that the resumption of trade, which we think is imminent, will see an even higher amount."
"Because that's what we've seen with other products that have been resumed, like barley," he said.
"The flow on impact of this is enormous."
An interim report released two weeks ago by China into the measures recommended the tariffs be scrapped.
Today's press conference was a noticeable firming up of language around China's decision with Trade Minister Don Farrell only a few days ago saying he was only "very hopeful" the Chinese government would lift the tariffs.
China slapped sanctions worth $20bn on Australian products during the height of diplomatic tensions in 2020 triggered by Beijing's offence at the then-Coalition government calling for an independent inquiry into the origins of the COVID-19 pandemic.
Last November Australia and China agreed on a pathway for the removal of China's wine duties after China initiated an expedited review of its duties on Australian wine.
In return, Australia agreed to suspend the World Trade Organisation dispute against the bans until 31 March this year, meaning that China must lift its sanctions on or before March 31 or Australia will continue its WTO complaint.
The Hunter region will register 200 years as a wine producing region in 2028, Mr Albanese said "we're going to help... get that double century in style with the resumption of trade with China."
"China wants good high-quality wine, and Australia produces it in places like Hunter Valley, as well the Barossa, through the Clare and down even down near Canberra around Murrumbateman, across to Margaret River, down in Tassie. It's such a great industry," he said.
"We look forward to an announcement in the coming period. We're pretty close. We've done a lot of work. And a lot of that has been just about showing that we want to cooperate."
Mr Albanese also said the government was "continuing to work" on other restrictions placed on lobster and Australian beef exporters that are still to be lifted.
The Prime Minister met with Chinese Foreign Minister Wang Yi during his visit to Australia this month, while Beijing's top diplomat is reported to have told a meeting of the Australia China Business Council during the same trip that Beijing was "opening up" to foreign investment.
Meanwhile, chief executive of Australian Grape and Wine Lee McLean recently said a lifting of the tariffs would be welcome, he warned that trade between the two countries will not immediately pick up where it left off.
A WTO review panel this week ruled that Australia had incorrectly imposed dumping duties on Chinese wind towers, deep drawn stainless steel sinks and railway wheels, following a challenge by China.
