Revival of Treasury Wine Estates in China: A Timeline of Challenges and Triumphs

Treasury Wine Estates, a leading Australian winemaker, reported a positive financial forecast for fiscal 2025 following the removal of punitive levies by China. This summary outlines the key events from the implementation of ChAFTA in 2015 to China's lifting of tariffs in 2024, which shaped trade relations between the two nations.

Treasury Wine Estates, Australia's leading winemaker, has issued its first annual results since China removed punitive levies on Australian wine imports and has forecast a strong fiscal 2025. The company is re-establishing itself in its former biggest market, China.

Key events over the years include the implementation of the China-Australia Free Trade Agreement (ChAFTA) in December 2015, which facilitated trade and investment. By January 2019, Chinese import duties on Australian wine fell to zero, tripling Treasury Wine's net income over four years. However, tensions flared in April 2020 when Australia sought an international inquiry into COVID-19 origins, leading China to impose heavy anti-dumping tariffs on Australian wine in November 2020.

Relations began to thaw in October 2023 when China agreed to review its import duties, leading to the eventual lifting of tariffs by March 2024. Treasury Wine has resumed its distribution in China and is rebuilding its workforce and marketing budget to navigate its re-entry into the market.

(With inputs from agencies.)