THE Chinese ban on Australian lobsters is over with exports getting under way in time for the Chinese new year.
News service AAP is reporting Prime Minister Anthony Albanese and Chinese Premier Li Qiang agreed the embargo would be lifted by the end of 2024 after meeting on the sidelines of the ASEAN summit in Laos on Thursday, 10 October.
The Chinese market accounted for 95% of live rock lobster exports from Australia estimated to be worth $750 million a year.
Rising tensions in 2020 prompted the Chinese to ban lobsters along with Australian beef, barley, coal and wine. The ban on lobster exports is the last of the trade barriers to be lifted.
China had claimed biosecurity concerns over Australian lobsters were behind the ban, which the industry denied.
Premier Li Qiang agreed the embargo would be lifted by the end of 2024 after meeting the Australian prime minister on the sidelines of the ASEAN summit in Laos.
“Premier Li and I have agreed on a timetable to resume full lobster trade by the end of this year,” Mr Albanese told reporters.
