The Australian government has unveiled a plan to improve domestic exporters’ access to the Chinese market after Beijing’s removal of trade barriers that previously affected A$20 billion (US$13.3 billion) worth of the country’s goods.
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The two-year Accessing New Markets Initiative will provide A$50 million of funding in an attempt to “build on” China’s recent scrapping of several trade restrictions affecting Australian products, the Department of Foreign Affairs and Trade said in a statement on Monday.
“[The initiative] builds on what the Albanese Labor Government has already delivered for Australian exporters, including removing over A$20 billion in trade impediments on our exports to China – allowing farmers, fishers, miners and winemakers back into this market at higher volumes than ever before,” the statement said, citing Minister for Trade and Tourism Don Farrell.
China restricted imports of a slew of products from Australia as relations between the two countries became strained during the pandemic, but Prime Minister Anthony Albanese has made a concerted effort to rebuild ties since taking office in 2022.
That helped pave the way for China to remove barriers affecting Australian red meat, lobsters, wine and several other products over recent months. US President Donald Trump’s tariff blitz has also pushed the two nations to improve trade links, analysts said.
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The department added that, under the initiative, which covers Australian trade worldwide, the government will offer exporters “fast, flexible and targeted” support, including access to trade advisers and offshore events.
The Australian Trade and Investment Commission, a government promotion agency, will also work with industry bodies to back their members in quickly diversifying and growing into new export markets, including China.