Visiting Chinese top legislator Wu Bangguo has called on China and Australia to cooperate closer in economics and trade.

Wu Bangguo attended the opening of the China-Australia Economic and Trade Cooperation Forum in Sydney Monday delivering the keynote address.

More than 300 entrepreneurs and government officials from both countries participated in the forum's opening ceremony.

The two sides will hold the first round of free trade agreement talks later in the afternoon.

Australia has recognized China's full market status with the bilateral trade volume reaching more than 20 billion US dollars last year.

China is now the third largest trading partner of Australia with second largest export market. Australia is China's ninth largest partner.

(Xinhua News Agency May 23, 2005)