Beijing, November 27: The tensions between China and Australia intensify after Beijing said that it would impose anti-dumping measures on Australian wine. China is Australia’s major trade partner. Import duty on the Australian wines almost doubled by China. According to a report by global news agency AFP, from November 28, importers will have to pay deposits of 107.1 percent to 212.1 percent.
The Chinese commerce ministry said that the step to increase import duty on Australian wine was taken to protect the local wine industry. Last year, Australia’s wine export to China bit a record high of USD 900 million. Shares in Treasury Wine Estates Limited dipped over by 11 percent after the news of Chinese restrictions broke. These restrictions can be considered as economic retaliation by Beijing after Canberra called for an inquiry into the Covid-19 pandemic. China Expected to Sanction Australian Copper, Sugar as Ties Between Beijing, Canberra Continue to Sour.
The development also came days after Australia participated in the Malabar Exercise 2020. It was a military drill between the navies of the Quad or Quadrilateral coalition -- an informal security forum comprising India, the US, Japan and Australia. The naval drill of the Quad members holds significance as China is making attempts to get a wider footprint in the Indo-Pacific region. The participation of Australia in the drill irked China. The Royal Australian Navy was represented by frigate Ballarat in the exercise.
(The above story first appeared on LatestLY on Nov 27, 2020 10:39 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).