Canberra is close to an agreement with Beijing that would allow Australian suppliers to ship five trial canola cargoes to China, sources familiar with the matter said, a move towards ending a years-long freeze in the trade.

Chinese leader said the two countries had overcome a series of ‘setbacks’ and stressed the importance of ‘equal treatment’.

China and Australia vowed on Tuesday to enhance bilateral ties, and work together to uphold multilateralism and free trade and jointly cope with global challenges amid the transformation and turbulence in the international landscape.

Andrew Robb, former Trade Minister of Australia, says that Australian PM Albanese must continue to review and upgrade the China-Australia Free Trade Agreement.

Prime Minister Anthony Albanese and Premier of the People’s Republic of China Li Qiang (front row, centre) with executives from Australian and Chinese businesses ahead of the 8th CEO Roundtable held at the Great Hall of the People in Beijing,

Prime Minister Anthony Albanese said Australia values its relationship with China and will approach it in a “calm and consistent” manner, during opening remarks at a meeting with President Xi Jinping.

Australia is now less sensitive to China, but Chinese growth is likely to be enough to keep the iron ore price elevated.

The U.S. Navy’s George Washington Carrier Strike Group is joining in exercise Talisman Sabre, contributing thousands of sailors to the largest iteration of the multilateral exercise off the coast of Australia in the CSG’s first major international exercise since returning to Japan.

Major miner BHP has said it is too costly for Australia to build a "green iron" industry after the country and China agreed this week to jointly work to decarbonise the steel supply chain, responsible for nearly a tenth of global emissions.