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Study: China trade curbs had little effect on Australian GDP
来源：shippingazette 编辑：编辑部 发布：2023/08/04 10:33:59
AUSTRALIA's economy faced minimal damage from China's punitive trade actions, as efforts continue to negotiate an end to tariffs on Australian barley and wine exports, reports Bloomberg News.
The deterioration of relations between Australia and China in 2020, triggered by Australia's call for a Covid crisis origins investigation, led to trade impositions by Beijing on various commodities, such as coal, timber, and seafood.
New modeling conducted by Australia's Productivity Commission revealed that China's measures resulted in only a 0.009 per cent reduction in gross domestic product, once alternative markets were found for the sanctioned products.
Despite the overall resilience of Australia's exports, particularly barley, and coal, individual businesses bore a heavy price due to these trade actions.
Both countries are attempting to mend diplomatic ties while navigating trade disruptions, political disagreements and security concerns.
High-level ministerial meetings have resumed between Australia and China since the election of the centre-left Labor government in May 2022, and there are plans for Prime Minister Anthony Albanese to visit Beijing.
In April, the Chinese government initiated a review of its tariffs on Australian barley, leading to the suspension of Canberra's case against Beijing in the World Trade Organisation.
However, the review is still ongoing, and there have been no public announcements regarding similar moves concerning wine tariffs.
Adding to the complexities, Australian Foreign Minister Penny Wong recently expressed disapproval of Hong Kong government's placing bounties on pro-democracy activists residing in Australia.
The deterioration of relations between Australia and China in 2020, triggered by Australia's call for a Covid crisis origins investigation, led to trade impositions by Beijing on various commodities, such as coal, timber, and seafood.
New modeling conducted by Australia's Productivity Commission revealed that China's measures resulted in only a 0.009 per cent reduction in gross domestic product, once alternative markets were found for the sanctioned products.
Despite the overall resilience of Australia's exports, particularly barley, and coal, individual businesses bore a heavy price due to these trade actions.
Both countries are attempting to mend diplomatic ties while navigating trade disruptions, political disagreements and security concerns.
High-level ministerial meetings have resumed between Australia and China since the election of the centre-left Labor government in May 2022, and there are plans for Prime Minister Anthony Albanese to visit Beijing.
In April, the Chinese government initiated a review of its tariffs on Australian barley, leading to the suspension of Canberra's case against Beijing in the World Trade Organisation.
However, the review is still ongoing, and there have been no public announcements regarding similar moves concerning wine tariffs.
Adding to the complexities, Australian Foreign Minister Penny Wong recently expressed disapproval of Hong Kong government's placing bounties on pro-democracy activists residing in Australia.