China will erode import tariffs for Australian farm products – including wine – over the next decade, after the signing a landmark trade agreement. Australian wine imported to China currently faces tariffs of between 14% and 30% according to ABC News, but the new deal will remove all charges.
It is hoped that the deal will provide a lucrative business opportunity for winemakers to export their products at an attractive price to China’s growing middle class.
China is already Australia’s top trading import-export partner, with two-way trade of around AUS$150 billion (£84bn) in 2013.
Australia, which is in the middle of a transition from “mining to dining” in terms of exports, called the deal best ever between Beijing and a Western country.
The announcement comes after extensive talks that have been going on for the last 10 years, and bypasses disagreements over major trade objectives by each country.