China and Chile agreed Tuesday to upgrade their bilateral ties to a strategic partnership, and double trade in three years.

Chinese Premier Wen Jiabao (L) shakes hands with Chilean President Sebastian Pinera during a welcoming banquet in Santiago, capital of Chile, on June 26, 2012. (Xinhua/Zhang Duo)

Chinese Premier Wen Jiabao and Chilean President Sebastian Pinera announced Tuesday the establishment of China-Chile strategic partnership and the completion of negotiations on investment-related supplementary deals to a bilateral free trade agreement.

During their talks, Wen urged speedy signing and ratification of these supplementary deals and called for the finalization of the China-Chile free trade area.

Wen called on the two nations to expand trade in goods, promote trade in services and mutual investment, and double bilateral trade in three years.

The Chinese leader also said the two countries should enhance cooperation in mining, expand farm product trade, and promote cooperation in farm product production and processing and agricultural technology.

China would like to be actively engaged in Chile's infrastructure construction and work with Chile to promote the development of transportation networks in Latin America, said Wen.

Meanwhile, Wen suggested that the two sides launch currency swaps and expand settlement in China's renminbi.

He also urged polar, oceanic, space and seismic cooperation and the promotion of people-to-people, cultural and youth exchanges and tourism so as to step up understanding and friendship between the two peoples.

China and Chile are at their key stages of development, and China attaches great importance to Chile's ever increasing international standing and competitiveness, said Wen.

He added that China is willing to closely work with Chile to promote China's relations with the Community of Latin American and Caribbean States and the Pacific Alliance.

President Pinera said that ever since the establishment of diplomatic relations, the two countries have seen fruitful cooperation, which has strongly promoted Chile's economic advancement.

Chile would like to work with China in promoting friendly and mutually beneficial cooperation in various sectors, and strengthen coordination in international and regional affairs with China, he said.

He also encouraged Chinese firms to increase their investment in his country.

Wen arrived in Chile on Monday after his official visit to Argentina. Chile is the last leg of Wen's four-nation South American tour, which has also taken him to Brazil and Uruguay.?