A final decision by Beijing on whether it will scrap punitive tariffs against Australian wine imports is set to be made by March 31.
But there's speculation a final decision could be handed down as early as Thursday or Friday.
An interim report from a Beijing-initiated inquiry into the measures recommended the tariffs be scrapped.
"China wants good high-quality wine and Australia produces it," Anthony Albanese says. (Lukas Coch/AAP PHOTOS)
The trade in 2019, before the tariffs were in place, was worth $1.1 billion a year and this would increase when restrictions were scrapped, Mr Albanese said during a trip to a winery in Pokolbin on Thursday.
"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," he said.
"China wants good high-quality wine and Australia produces it."
Trade Minister Don Farrell met with China's man in Australia Xiao Qian on Wednesday.
China's Foreign Minister Wang Yi visited Australia and met with Foreign Minister Penny Wong earlier this month while the Chinese premier is expected to come to Australia later in the year.
Australia lost its case in a World Trade Organisation dispute with China on extra taxes for steel products.
China complained to the international body in June 2021 over Australian tariffs on railway wheels, wind towers and stainless steel sinks.
Australia had acted inconsistently with parts of an anti-dumping agreement, the WTO found in all three cases.
Australia had also initiated two disputes against China over barley and wine tariffs.
Both were paused by the government to allow Beijing to review the measures.
The trade impediments on barley were eventually dropped and movement on wine is expected imminently.
But impediments remain on Australian lobster and beef.
9°C