China and Chile have signed a multi-billion-U.S.-dollar currency swap deal including several other contracts of cooperation aimed at enhancing the trade and financial ties between the two countries, the Xinhua News Agency reported.
The report said that Premier Li Keqiang and Chilean President Michelle Bachelet met at the presidential palace in Santiago to witness the signing of bilateral business contracts and governmental accords in areas that included agriculture, finance, mining, trade, politics, production capacity and science and technology.
In a joint declaration issued by the two leaders, China pledged to grant 50 billion yuan ($8.1 billion) to qualified foreign institutional investors in Chile, as the two countries agreed to working to upgrade the free trade agreement (FTA) no later than August.
Under the joint declaration, the two countries have agreed to expand cooperation in areas such as culture, education, Antarctic scientific research, astronomical observation, tourism, youth exchanges, and earthquake prevention and disaster reduction.
The two countries also agreed to strengthen cooperation under the framework of Asia-Pacific Economic Cooperation, being both members of the organization, and simplify visa application process to promote tourism and personnel exchanges.
The central banks of the two countries also signed a three-year currency swap deal worth 22 billion yuan ($3.5 billion), according to a statement released by the People's Bank of China, China's central bank.
According to the report, Chile was the first country in the region to sign an FTA agreement with China.
Bilateral trade between China and Chile reached $34.1 billion last year, four times greater than it was before the 2005 pact was signed, the report added.
Li also encouraged Chinese enterprises to participate in the construction of Chile's "two-ocean tunnel," which connects the Pacific and the Atlantic, as he urged the two nations to reinforce communication and coordination in regional and international affairs and further enhance people-to-people exchanges.
Bachelet hailed Li's visit as a landmark in the development of China-Chile relations.