China lifts $600 million timber ban in two-year first

The record that included coal, wine, barley, beef, seafood, cotton and copper was estimated to value Australian exporters $14 billion a yr.

But relations have improved since Labor got here to energy a yr in the past after 9 years of Coalition authorities.

Chinese Ambassador to Australia Xiao Qian mentioned the timber ban had been lifted from Thursday as a result of exporters had glad China’s quarantine considerations.

The federal authorities was formally knowledgeable on Wednesday.

“So from today on, the Australian timber is going back to China,” Xiao advised reporters.

Foreign Minister Penny Wong welcomed the return of the timber commerce with China.

It had been value $600 million a yr.

“We are pleased with this development,” Wong mentioned throughout a joint press convention together with her Philippine counterpart Enrique Manalo throughout a go to to Manila.

“We do believe that removal of these trade impediments benefits both parties,” she added, referring to China and Australia.

Treasurer Jim Chalmers mentioned China’s determination on timber was a step towards his authorities’s goal to stabilise the financial relationship with China.

“It’s a crucially important market for us and we want to stabilise the relationship and any progress in lifting these trade restrictions is welcome,” Chalmers advised reporters.

The Australian Forest Products Association, which represents a variety of forestry and paper industries, additionally welcomed China’s determination.

“When the ban came into effect more than two years ago, it caused a great deal of upheaval and uncertainty for many timber exporters and the broader forest sector and this resolution is welcomed,” the affiliation’s chief govt Joel Fitzgibbon mentioned in a press release.

China is Australia’s greatest buying and selling associate, with two-way commerce totalling $287 billion final yr.

In return, China has agreed to evaluation its determination to impose an 80 per cent tariff on the grain. Australia hopes that China will agree inside months to elevate tariffs on each Australian barley and wine.