Chinese Foreign Minister Wang Yi is projected to pay a visit to Australia in the forthcoming week, announced The Guardian, which overserves the burgeoning relationship between Beijing and Canberra after years of cold ties.
This possibility arises as the Anthony Albanese-headed Labor government looks forward to mending ties with China, which is Australia’s top trading ally, since assuming power in 2022.
In the midst of these diplomatic maneuvers, Australia’s leading publicly listed winemaker, Treasury Wine Estates (ASX:TWE) indicated on Tuesday that China’s Ministry of Commerce has launched a temporary proposal to lift tariffs on Australian wine, which sparked optimism that nearly three years of burdensome duties may soon be abolished.
Notably, China has been lifting most trade blocks imposed since Australia requested an investigation into the origins of COVID-19 in 2020.
Wang is expected to enter into discussions with Foreign Affairs Minister Penny Wong in Canberra next Wednesday under the Australia-China Foreign and Strategic Dialogue, according to the Guardian’s unverified resource.
Wong’s office chose not to comment instantly on a comment-seeking request.
Anticipated talking points, as reported from her meeting with Wang include human rights, regional security and the pressing need for removing the remaining trade obstacles.
Treasury Wine Estates (ASX:TWE) is a leading Australian wine company.