Chinese Premier Li Keqiang called on Australia to become practical and pursue mutually agreed concessions in breaking the deadlock over free trade negotiations.

Li addressed his Australian counterpart, Prime Minister Tony Abbott, during a meeting in Sanya, Hainan province on the sidelines of the Boao Forum for Asia.

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Li prods Australia to take advantage of the current socio-economic conditions to hasten the establishment of a free trade agreement between the two countries.

The Chinese premier made the remarks after Australia signed free trade agreements (FTA) with China's neighbors, South Korea and Japan this Wednesday.

Li emphasized that a free trade deal between Canberra and Beijing is an important consensus and said,  "We hope both sides carry forward the talks in a pragmatic approach, make mutual concessions and ensure mutual benefits." He adds that two nation should aspire to achieve a "more balanced" agreement.

Free trade talks between the two countries first started in 2005.

If a free trade agreement is reached by the two nations, Australia would be the first developed economy in the world to open doors to China. In return, Australia will have access to a growing and lucrative Chinese market.

Li also assured Australia that China is committed to developing peace, stability and pushing development with other countries in the region. He adds that Australia and China are two influential forces in the region and therefore should expand their cooperation in fields like defense, finance, education and trade & investment.

Abbot hailed his visit to China as the "climax and highlight" of his first trip to East Asia.  He assured Li that Canberra is agreeable to becoming a key partner of China in strategic concerns as well as economic concerns.

Abbott commits to speeding up the FTA negotiations which he said promotes communication as well as respect for China.

The Australian leader also said that his country will welcome any Chinese investments.

China is currently the biggest trading partner of Australia. Australian exports to China reached US$ 140.58 Billion (871.6 Million yuan) in 2013, almost 25% of Australia's total exports while Chinese investment into Australia is up thirty one percent in 2013 compared to 2012.