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),

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.

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.

Prime Minister Anthony Albanese meets with China's Premier Li Qiang, who takes a thinly veiled swipe at Donald Trump's tariff policies while calling for greater economic ties between Australia and China.

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

President Xi said that with the joint efforts of both sides, China-Australia relations have emerged from their low point and achieved a turnaround in recent years, bringing tangible benefits to the people of both countries.

Australia’s potential to export green metals – made here using abundant, cheap renewable energy – could deliver immeasurable economic benefits and accelerate the global race to net zero. It’s now a step closer.