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TWE CEO TIM FORD PLANNING CHINA VISIT AS BILATERAL TRADE EXPECTED TO RESUME IN 2023

By Susan Lewis

22-12-2022



Source: Senator Penny Wong/Twitter

Australian business leaders including Treasury Wine Estates’ (TWE) Tim Ford are optimistic about resumption of trade relations with China in 2023, Ford is making plans to visit China next year now that political ties are easing and China’s COVID-19 restrictions ending.

Ford, his company owns the Penfolds brand, told China’s Global Times in a written interview that he is pleased to see renewed engagement between Australia and China in recent months, including the Beijing visit by Australia’s foreign minister Penny Wong yesterday.

"The meeting marks the milestone of the 50th anniversary of diplomatic relations between our two nations, the dialogue is encouraging, and we strongly support further diplomatic and business engagement across a range of matters where our countries have complementarities, including trade and economic issues," Ford said.

Ford added that he is looking forward to visit China in 2023 to re-connect with staff, customers and partners. His last China visit was in 2019.

Wong’s Beijing visit not only paved the way for prime minister Antony Albanese’s visit to China next year, it also sent a ray of hope for Australian companies to re-enter the Chinese market in 2023.

The Australian foreign minister signalled after the meeting that there will be further developments on various trade issues related to the blockages that impacted Australian exports worth about AUD20 billion.

"In the context of trade, there was a discussion about opportunities for further dialogue to work through how we might do, what I think is in the best interest of both countries and consumers, and certainly in terms of Australian exporters and Chinese consumers, and that is for the trade blockages to be removed," she said.

It is believed that talks regarding resumption of economic and trade relations will restart and a normalisation of bilateral trade is expected sometime next year.

Relations between Australia and China began to thaw after Chinese president Xi Jinping had a sideline meeting with Albanese in Bali on 15 November during the G20 meeting.

The two countries relations turned sour under Australia’s former Morrison’s government over issues including the sanction of Chinese telecommunication giant Huawei, Morrison’s call for an investigation on China on the origin of the Covid coronavirus and Australia’s involvement in the AUKUS security alliance with USA and UK.

(the writer can be contacted at: info@thewinechronicle.com)

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