By Peter Hobson and Ella Cao CANBERRA/BEIJING (Reuters) -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,

China's Ministry of Commerce and Australia's Department of Foreign Affairs and Trade has signed a memorandum of understanding (MoU) regarding the implementation and review of China-Australia free trade agreement (FTA),

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

Premier Li Qiang called on Tuesday for China and Australia to further strengthen higher-quality cooperation and create a stronger synergy for development to effectively address uncertainties.

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.

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,

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

The prime minister of Australia, a longtime US security partner in Asia, sought to focus his trip to China this week on business and trade opportunities, sidestepping thornier issues around US-China competition such as Taiwan or Beijing’s military expansion.