Chinese Foreign Minister Wang Yi and Isabel Saint Malo de Alvarado, Panama's vice president and foreign minister, attend a press conference after their meeting in Beijing, capital of China, June 13, 2017. China and Panama signed a joint communique Tuesday on the establishment of diplomatic relations. [Photo/Xinhua]

The establishment of diplomatic relations between China and Panama introduced a new chapter for the relationship between the two countries, State Councilor Yang Jiechi said when meeting with Isabel Saint Malo de Alvarado, Panama's vice-president and foreign minister, on Tuesday in Beijing.

Earlier on Tuesday, China and Panama signed a joint communique on the establishment of diplomatic relations.

"We believe that on the political basis of the one-China principle, both sides will work together to promote bilateral pragmatic cooperation and cultural exchanges, strengthen communication and cooperation in multilateral areas, and bring huge benefits to the two peoples and the international community," Yang said.

The visiting Panamanian guest said the establishment of diplomatic relations between her country and China serves the fundamental interests of the two countries and two peoples, and Panama is full of expectations on the development of bilateral relations.

Panama will firmly adhere to the one-China principle and live up to the relevant commitments, and it is ready to tap into its unique advantages and promote bilateral cooperation in areas including trade, investment, tourism and connectivity, she said.

Panama is willing to become an important gateway for cooperation between China and Latin America, she added.