China Lifts Import Ban: Australian Lobster Set to Reenter Market

China is set to resume imports of Australian lobster by year-end, marking the end of a four-year trade spat that halted billions in exports. This decision follows a meeting between Australian Prime Minister Anthony Albanese and Chinese Premier Li Qiang. The move is timely for the Chinese New Year.

China will soon reopen its market to Australian lobsters, as announced by Prime Minister Anthony Albanese. This decision concludes a four-year hiatus during which Australian exports faced restrictions, causing significant economic ripples.

The agreement to lift the lobster ban was made during a strategic meeting between Albanese and Chinese Premier Li Qiang at the Association of Southeast Asian Nations summit in Laos. The timeline aligns the lobster imports with the Chinese New Year celebrations, providing a welcomed boost to Australia's lobster industry.

China's initial embargo, which began in late 2020, was a response to Canberra's call for a probe into COVID-19's origins, affecting goods like coal and wine. Restrictions on all other items have since been eased, heralding improved bilateral trade relations.

(With inputs from agencies.)