Visiting Chinese Vice Premier Li Keqiang on Friday called for an early conclusion of a Free Trade Agreement (FTA) between China and Australia.

China-Australia cooperation held promising prospects, Li said. China had already become Australia's biggest trading partner, while Australia was also an important trading and investment partner for China.

Bilateral trade between China and Australia could be further advanced if the two countries could reach agreements on the free trade zone, Li said while attending a luncheon hosted by Australian business leaders.

The two sides should adopt a strategic approach in their free trade negotiation, and a "balanced, comprehensive and high quality" free trade deal should be reached at an early date, he said.

Li said the governments of China and Australia should strengthen policy dialogue, create a cooperative mechanism and jointly oppose protectionism in its varied forms.

China hoped that Australia could pursue open and non-discriminatory foreign investment policies, said Li, saying China was ready to work with Australia to create favorable conditions for the practical cooperation between their enterprises.

According to Australian statistics, the trade in goods between China and Australia grew by 23.7 percent from January to August compared with the same period last year. Of this, Australia's exports went up 37.4 percent, said Li.

Li also put forward a three-point proposal on consolidating the China-Australia relationship, which included observing China-Australia relations from a strategic perspective, promoting pragmatic bilateral cooperation in trade and the economy based upon the two countries' complementary strengths, and advancing cultural exchanges in a harmonious and friendly fashion.

The Chinese vice premier added that, during his visit to Australia, he signed cooperative agreements on the protection of cultural relics, education and training. The two nations also decided to hold China Cultural Year and Australia Cultural Year in each other's countries.

Li arrived here Thursday night on a three-day official visit. During his stay in Australia, he will meet Australian Prime Minister Kevin Rudd and other leaders.