China has agreed to cooperate with Australian businesses on jet fuel shipments, while reaffirming that both countries uphold multilateralism in a meeting between the countries’ top diplomats on Wednesday.

Following talks with her Chinese counterpart Wang Yi, Australian Foreign Minister Penny Wong said Beijing was “facilitating engagement with Australian businesses on jet fuel” and called the move an important “first step” in alleviating supply crunches.

“Inputs China supplies to Australia,...