Chile will hold the next ministerial forum between China and the Community of Latin American and Caribbean States (CELAC) in 2018 following the successful conclusion of the initial meeting in Beijing on Friday.

Foreign Minister Wang Yi announced the decision, agreed at the Beijing forum, when meeting journalists with his Costa Rican counterpart Manuel Gonzalez on Friday.

“The China-CELAC relationship has started a new stage with overall cooperation and bilateral relations developing at the same time and facilitating each other," Wang said.

The two-day meeting issued a document detailing the forum's direction, including a five-year cooperation plan, as well as two other documents on guidelines and regulations.

The plan, involving cooperation in 13 sectors such as trade and investment, infrastructure, energy and resources, sets the stage for an unprecedented level of cooperation between China and CELAC, according to Wang.

He noted that a package of financial arrangements - first raised by President Xi Jinping in July - is currently producing concrete results.

During a summer visit by Xi to Latin America, Xi and CELAC leaders announced the establishment of the cooperation forum and agreed to hold its first ministerial meeting as soon as possible.

Both foreign ministers said that the China-CELAC relationship will provide a range of benefits and is not aimed at any third party. Wang said that it will not affect or replace the exchange mechanisms either China or CELAC have established with other regions.

Gonzalez said China-CELAC cooperation had incredible potential.