China agrees to expedited review of wine import tariffs
Treasury Wine gets set to rebuild China business
Treasury shares jump 5

Oct 23 Reuters Australia39;s Treasury Wine Estates said on Monday it is well placed to rebuild its business in China, sending its shares up more than 5, should Beijing39;s tariffs on Australian wine be removed as signalled by the two countries on the weekend.

The Australian government, which is repairing economic ties with Asia39;s largest economy after a number of disputes, said on Sunday China had agreed to an expedited review of tariffs on Australian wine, expected to take up to five months.

Should tariffs be removed, these measures will be implemented sustainably and with the aim of growing the business in China, Treasury Wine, the world39;s biggest standalone winemaker, said in a statement.

Treasury Wine used to make onethird of its profit in China but lost most of that business when Beijing imposed tariffs on Australian wine in 2021, after Canberra called for an inquiry into the origins of COVID19.

If the tariffs are removed, we see this as a significant positive for the Australian wine export industry and specifically Treasury Wine, Goldman Sachs analysts said in a research note.

Measures for reviving its China business would include shifting a portion of Penfolds Luxury from other markets back to China and rebuilding distribution for the Penfolds Australian entrylevel luxury portfolios, the company said.

Treasury39;s shares…