Australian Lobster Trade Set to Restart Soon, Four-Year Loss Exceeds 20 Billion AUD, Sino-Australian Relations Gradually Warming!

The Australian Prime Minister's website published an official statement on Thursday, making it clear that Australian Prime Minister Anthony Albanese and Chinese Premier Li Qiang, during the East Asia Cooperation Leaders' meetings in Vientiane, reached a consensus on the issue of mutual concern - the resumption of the fresh lobster trade by the end of this year after a four-year suspension. Australia is one of the key suppliers to the Chinese lobster market, and its exports have dropped significantly due to diplomatic tensions between the two countries over the origin of the novel coronavirus. In particular, since 2020, China has imposed high tariffs on major Australian imports, including lobsters.

"Thanks to our patient and thoughtful strategy, we have successfully restarted trade with our largest export partner." We are sparing no effort to gradually remove all barriers to trade and have agreed with Premier Li on a specific timetable for the resumption of the lobster trade, which will be close to the eve of the Chinese New Year."

According to relevant documents, the Australian lobster industry has suffered more than 20 billion Australian dollars (13.4 billion US dollars) in economic losses due to export restrictions.

In 2020, Australian Prime Minister Morrison blocked Huawei's participation in the construction of Australia's 5G network on the grounds of national security, and called for an independent international traceability investigation into the new coronavirus. The move prompted a furious response from China, which imposed punitive tariffs, sanctions and informal bans on A $20bn worth of Australian exports, ranging from agricultural products such as wine, beef, lobster and barley to commodities such as coal, copper and timber.

Since the new Australian government took office in May 2022, China-Australia relations have shown a significant improvement, and China has lifted import restrictions on Australian barley, wine, beef and other goods. The resumption of the lobster trade marks the imminent breaking down of the last trade barrier to Australian exports to China.

Mr Albanese said exports of Australian goods, including wine and barley, had grown significantly as restrictions were gradually lifted.