Prime Minister Anthony Albanese says China has agreed to lift tariffs on Australian lobsters within months.

The keenly anticipated update came after Albanese met Chinese Premier Li Qiang on the sidelines of the Association of South-East Asian Nations leaders’ meeting in Laos on Thursday.

“I am pleased to announce Premier Li and I agreed on a timetable to resume full lobster trade by the end of this year. This, of course, will be in time for Chinese New Year,” he said.

“It will be welcomed by the people engaged in the live lobster industry, in places like Geraldton and South Australia and Tasmania and so many parts of, particularly, regional Australia.”

Bringing an end to tariffs imposed on Australian rock lobster by China had been a key target of the Albanese government. It follows the dumping of tariffs on wine and beef.

“We have a continued to stabilise the relationship without compromising on any of Australia’s interests,” Albanese said.

“With our patient, calibrated and deliberate approach we have restored Australian trade with our largest export market.”

With Thursday’s update, two Australian beef processors are the last remaining trade impediments following a years-long trade war between the two nations.

China cited biosecurity concerns over Australian lobster, which the industry rejected.

Albanese said the benefits of the rollback would be substantial, as Chinese tariffs had cost Australian businesses up to $20 billion at their height.

South Australian Premier Peter Malinauskas was quick to welcome the change.

“This is welcome news and follows our significant and sustained efforts to re-engage with our largest trading partner,” he posted on X.

“It will re-open a major trade route for our South Australian lobster industry to our largest export market.”

In other developments on Thursday, Albanese confirmed that Western Australian Labor senator Sue Lines and former Coalition cabinet minister Karen Andrews would lead a bipartisan parliamentary delegation to China next week.

“That is a good thing, because from dialogue comes understanding,” he said.