Australian Trade Minister Mark Vaile said in Canberra Monday his country will seek every opportunity to consolidate and enhance its market share in the fast-growing China.

He was telling reporters on the eve of his trip to China which is designed to finalize the Australia-China Free Trade Agreement feasibility study.

The joint feasibility study, announced as part of the Trade and Economic Framework signed by Australia and China in October 2003, was due for completion by October this year. But following good progress, leaders of both countries have agreed that the completion of the FTA study could be fast-tracked.

"It goes without saying that China's emergence as an industrial power has been one of the most significant events that have happened to the global economy in the past 25 years, so it is imperative that Australia position itself to take advantage of this major export market opportunity," he said.

Australia will be an important trade partner to China by providing resources it badly needs, he said.

In answering to a question, Vaile said by the terms of FTAs, Australia will recognize China as a market economy if the two countries begin negotiations.Meanwhile, Australia's Opposition Labor Party voiced its support to a bilateral FTA.

Shadow Minister of Trade Simon Crean said on Monday that "Labors tands ready to take a positive approach toward Australia-China FTA negotiations -- if they begin."

Vaile also stressed that China has an important role to play in the World Trade Organization as the country has significant economic impact on the global economy. He said he would encourage China to play a leadership role in the organization.

The two-way trade reached an unprecedented level of 20.4 billion US dollars last year, according to China's official statistics. China is Australia's third largest trading partner.

Xinhua