Vientiane, Oct 10 (EFE).- China agreed on Thursday to lift tariffs on Australian lobster, one of the last products to be affected by the trade war between the two nations, before the end of the year.
The agreement was reached during a meeting between Australian Prime Minister Anthony Albanese and his Chinese counterpart, Li Qiang, on the sidelines of the leaders’ summit of the Association of Southeast Asian Nations (ASEAN) being held in Vientiane.
«Premier Li and I had another productive and important bilateral meeting. I’m encouraged by the progress that we have made between Australia and China’s relationship in producing stabilization to the benefit of both of our nations and with the objective of advancing peace and security in the region,» Albanese said in a press conference after the meeting.
We «have agreed on a timetable to resume full lobster trade by the end of this year,» he added.
Beijing slapped 15 percent tariffs on Australian lobster in 2020, after the conservative Australian government headed by Scott Morrison launched an independent investigation into the origin of Covid-19.
Before the tariffs were imposed, Australian lobster exports to China were worth AU$770 million (nearly $518 million) a year.
China also imposed trade restrictions on other Australian products – with which it signed a free trade agreement in 2015 – such as coal, barley, wine and beef, among others.
Diplomatic relations have eased since the coming to power of Albanese in May 2020, prompting the Asian country to gradually lift tariffs on Australian products.
«The impediments to our trade added up to in excess of AU$20 billion,» Albanese said, expressing confidence that Australian exports to China would «grow back to an even greater amount than they were represented at the time that impediments grew.»
Among other issues, both leaders also discussed the tension between China and other countries in the South China Sea and the launching of a ballistic missile into the Pacific Ocean by Beijing.
«China-Australia relations are on the whole, continue to move forward in a positive direction. Our institutional dialogues are being held, and our practical cooperation is advancing across the board,» Li said in remarks before the meeting.
«This shows that, as long as two sides can work toward the same goal, China-Australia relations will embrace a brighter future,» he added.
The Chinese premier also announced on Thursday the signing of an agreement to expand the free trade agreement with ASEAN, whose annual summit in Laos is also being attended by leaders of partner countries such as the United States, India, Japan and Russia.
Li made the announcement during a bilateral meeting between China and ASEAN held on the sidelines of the summit of the bloc, made up of Indonesia, Singapore, Malaysia, Thailand, the Philippines, Vietnam, Laos, Cambodia, Brunei and Myanmar.
In his opening remarks at the summit, the Chinese premier said that, in the midst of a climate of uncertainty and instability, China and ASEAN had an opportunity to grow together amid the slower-than-expected recovery of the global economy.
China, which signed its free trade agreement with ASEAN in 2010, is involved in sovereignty disputes in the South China Sea with countries in the region such as the Philippines and Vietnam, a recurring theme at these summits.
Last month, the Asian Development Bank lowered the expected growth rate for Southeast Asia, a market of 670 million people, by 0.1 percentage points to 4.5 percent this year due to reduced public investment and a slower-than-expected economic recovery.
Southeast Asia is the scene of economic and diplomatic competition between Beijing and Washington.
The US is the largest investor in the region, with $74.356 billion in 2023, compared to $17.305 billion invested by China, according to ASEAN data, with interests in sectors such as semiconductors and artificial intelligence.
However, China is ASEAN’s largest trading partner, with trade valued at more than $696 billion in 2023, 56 percent more than the trade balance between the region and the US.
US President Joe Biden has skipped the summit for the second consecutive year and will be represented by Secretary of State Antony Blinken, who is scheduled to hold bilateral meetings with Malaysia and Thailand on Thursday and with ASEAN representatives on Friday. EFE
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