MELBOURNE, Australia, Oct 10, (AP): China will resume importing Australian live lobsters by the end of the year, removing the final major obstacle to bilateral trade that once cost Australian exporters more than 20 billion Australian dollars ($13 billion) a year, Australia’s prime minister said Thursday. Prime Minister Anthony Albanese made the announcement after meeting Premier Li Qiang on the sidelines of a Southeast Asian summit in Vientiane, Laos.

The ban on lobsters was the last of a series of official and unofficial trade barriers that Beijing has agreed to lift since Albanese’s center-left Labor Party government was elected in 2022. "I’m pleased to announce that Premier Li and I have agreed on a timetable to resume full lobster trade by the end of this year,” Albanese told reporters.

"This of course will be in time for Chinese New Year and this will be welcomed by the people engaged in the live lobster industry,” he added. Albanese has given assurances that relations with China have been improved without compromising Australian interests. Beijing is unhappy with restrictions Australia has placed on some Chinese investments because of security concerns.

"What’s important is that friends are able to have direct discussions. It doesn’t imply agreement, it doesn’t imply compliance and I’ll always represent Australia’s national interest. That’s what I did today; it was a very constructive meeting,” Albanese said. "I’m encouraged by the progress that we have made between Australia and China’s relationship in producing stabilization to the benefit of both of our nations and with the objective of advancing peace and security in the region,” Albanese added.