Farrell will be the keynote speaker at Thursday’s AmCham lunch, fresh from the announcement that trade officials in China and Australia have reached a thaw in resolving a dispute over barley exports.

While the process to re-starting the nearly $1 billion trade is still in its early stages, hopes are already high that agreements may spill over to include Australian wine in the export revival.

A block on Australian barley exports to China have been in place since 2020, when the Chinese government imposed 80.5 per cent duties on the grain used primarily for the brewing of beer.

The trade was worth about $916 million in 2018-19.

The Australian Government has maintained there was no justification for the duties and that it was both countries’ best interest for all trade impediments to be removed.

A joint statement from Foreign Minister Penny Wong, Agriculture Minister Murray Watt and Farrell, said that China had agreed to undertake an “expedited review” of the duties over a three-month period, which may extend to a fourth if required.

“This dialogue has taken place in parallel to Australia continuing to prosecute our national interests through the World Trade Organization (WTO). Australia has agreed to temporarily suspend the WTO dispute for the agreed review period,” the statement said.

“If the duties are not lifted at the end of the review period, Australia will resume the dispute in the WTO. The WTO trade disputes system encourages bilateral resolution where possible.”

The ministers said the Australian Government would use all opportunities, including the WTO dispute mechanism, to get the best outcomes for Australia’s world-class producers and farmers.

“This includes creating further opportunities for Australian business to diversify overseas markets,” they said.

“We remain confident in the outcome for Australian wine at the WTO. If today’s agreement is successful in providing a pathway for lifting duties on barley, we expect a similar process to be followed to remove trade barriers for Australian wine.”

GrainGrowers chair Rhys Turton said China had been a key market for Australian grain, accounting for some 60-70 per cent of Australia’s barley exports, and a resolution was in the best interests of both countries.

“This is a step in the right direction for trade between our two countries and highlights the value of the WTO process to encourage mechanisms for bilateral dispute resolution,” Turton said.

“It is heartening to see a resolution of constructive dialogue between the two governments, and we are hopeful that this process will result in a positive outcome for Australian growers.”