Australian chief executives are eagerly awaiting a formal invitation from the Australian government to visit China as part of a business delegation next year as the two nations re-establish diplomatic ties and resume economic and trade dialogues.

Foreign Minister Penny Wong met with her Chinese counterpart Wang Yi in Beijing earlier this week, during which she advocated for China to lift its tariffs on Australian exports and the pair recommitted to facilitating business relationships.

“We agreed to restart ... the Australia-China CEO Roundtable and visits by bilateral business delegations,” Wong said in a statement of joint outcomes following her meeting with Wang.

The meeting’s positive outcome was welcomed by local business leaders and has ignited hopes of a trip to China in 2023 to reconnect with business partners and customers.

“You can’t repair this relationship without lines of communication. It’s still early days and businesses are realistic about how challenging it is to manage this relationship,” said Business Council chief executive Jennifer Westacott.

“There hasn’t been a formal request or invitation for a business delegation yet but we’re ready to work closely with the Australian government to engage with China in a way that secures better trade and a more stable region.”

When the relevant federal minister extends an invitation to business groups, the delegation is expected to be coordinated between the Business Council of Australia, the Australia China Business Council, and government trade investment agency Austrade.

Loading

Matt Comyn, the chief executive of the Commonwealth Bank and a board member at the Business Council, is expected to be part of the delegation if it goes ahead. CBA sold a stake in the Bank of Hangzhou for $1.8 billion in March, but committed to retaining a 5.57 per cent stake in the Chinese bank for at least another three years. The bank also has a smaller minority stake in Chinese lender Qilu Bank.