Trade
Australia, China Agree on Pathway to End Tariffs on Barley
- China will conduct a review of tariffs on Australian barley
- Deal marks major breakthrough for Australia, China relations
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Australia will temporarily suspend a World Trade Organization case against China over tariffs on barley while Beijing undertakes a review of the restrictions, in a potential breakthrough to the long-running dispute between the two nations.
The Australian dollar gained as Foreign Minister Penny Wong announced the agreement alongside Trade Minister Don Farrell at a press conference in Adelaide on Tuesday. The duo said their goal was to achieve a similar agreement for China’s tariffs on Australian wine in the future.