China, Australia 'agree on timetable to resume full lobster trade'

China will lift sanctions on the lucrative trade in Australian lobster, Prime Minister Anthony Albanese said on Thursday.

After meeting Chinese Premier Li Qiang in Laos, Albanese said both had agreed to a "timetable to resume full lobster trade by the end of this year". Since 2017, Beijing has slapped levies on almost US$15 billion worth of Australian exports, from wine to lobsters to timber.Albanese said the sanctions would be lifted in time for the Chinese New Year, when luxury goods like lobster are in hot demand.