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,

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.

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.

Australian Prime Minister Anthony Albanese has kicked off a visit to China meant to shore up relations between the two countries

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

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,

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.

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),