Premier Li Keqiang and his Australian counterpart, Malcolm Turnbull, held the fifth annual China-Australia PM meeting at Parliament House in Canberra on March 24.

Sino-Australian ties are becoming stronger with continuing development and fruitful results in various fields, said Premier Li.

The relationship between the two countries was raised to a comprehensive and strategic partnership after President Xi Jinping’s successful visit to Australia in 2014, he said. This year marks the 45th anniversary of Sino-Australian diplomatic ties, and the relationship between the two nations has entered a new stage.

China and Australia have extensive and common interests in promoting domestic development, enhancing regional economic growth and dealing with global challenges, amid a complicated and uncertain international and regional environment, said the Premier.

China is willing to promote pragmatic cooperation with Australia in the sectors of finance and trade, people-to-people exchanges, law enforcement and security, under the principles of equality, mutual respect and mutual trust, in order to achieve new development in bilateral ties and cooperation.

The Premier said that China and Australia have complementary economic advantages with highly integrated benefits and broad cooperation prospects.

In the future, the two nations should establish the three dialogue mechanism on innovation, energy, high-level security to further improve cooperation between the two sides.

He suggested that the two countries can expand cooperation with a focus on building four platforms — bilateral free trade agreement, strategic docking, scientific innovation, and regional economic cooperation — and try cooperation in new industries and new business models.

He said both sides should review the free trade agreement, discuss free trade in service and investment sectors, stand against protectionism, and promote economic globalization and a free, convenient global trade and investment and an open global economy.

China and Australia, as important countries in their respective regions, should improve communication and coordination in international and regional issues, promote peaceful resolutions on hot issues in Asia-Pacific and contribute to regional peace and stability.

Turnbull said Australia-China ties have been showing unprecedented importance with comprehensive and powerful cooperation. Australia is a long and reliable partner of China. The two economies have strong complementary advantages. The Australia-China free trade agreement is benefiting both economies, bilateral cooperation and their people.

As both countries are facing challenges in economic transformation and free trade, he appreciated China’s endeavors for globalization and open market. He also said Australia is willing to work with China to continue cultivating friendship, expand cooperation and communication, and promote peace and stability of the two countries and the whole world.

After the meeting, both leaders witnessed the signing of several bilateral cooperation documents on trade, innovation, agriculture, food, intellectual property, law enforcement and security, tourism and education.