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China to axe duty on Australian wine in free trade deal

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China is to drop duty on Australian wine imports after the two countries signed a “landmark” free trade agreement.

Tariffs currently stand at 14-30%

Tariffs currently stand at 14-30%

Australia's trade ministry said the wide-ranging FTA, which was unveiled today, will see existing Chinese tariffs of 14-30% on Australian wine disappear within four years. The deal will “unlock substantial new benefits”, Australian officials said. 

The deal is expected to be finalised next year and will see more than 85% of Australian goods exports become tariff free, rising to 93% in four years. In return, Australia will eventually reduce tariffs to zero on all goods imported from China.

The new deal will be a boost for Australia's wine industry, which saw total export volumes of bottled wine in the 12 months to June fall by 10%, according to Wine Australia. Export volumes solely to China slid by 10%. 

Negotiations for a free trade agreement between Australia and China started in 2005, concluding after Australia hosted the G20 summit last week.


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