Australian Trade Minister Mark Vaile says his country is considering recognizing China as a market economy.

The senior offical has just concluded a series of meetings with Chinese counterparts on the major issues of concern between the two countries including whether to go ahead with Free Trade Agreement negotiations.

So far a handful of countries -- including Singapore, Malaysia, Thailand and New Zealand -- have granted China market-economy status, while others, like the United States and the European Union, are still considering the move.

China is a major market for Australia's raw materials, including iron ore and natural gas.

Source: CRI news