Australia’s Foreign Minister Marise Payne said that he wants bilateral negotiations with China, adding that their complaint to the World Trade Organization (WTO) over Beijing’s anti-dumping duties on wine exports should enable bilateral negotiations, per Reuters.
Key quotes
"What lodging the dispute enables us to do is begin dispute consultation settlements, which actually is a bilateral discussion with China about the issues.”
"We've seen duties of over 200% applied to Australian wine. We don't believe that that is consistent with China's obligations under the WTO. So that part of the process enables us to have that direct conversation."
Market reaction
AUD/USD is wavering above 0.7500, trading choppy amidst falling Treasury yields, flatlined US dollar and risk-off mood in the Asian equities.
