China and the Organization of American States (OAS) have agreed to set up a cooperation fund to further promote exchanges between the two sides.   

An agreement was signed in Washington on Wednesday.

Representatives from both sides said they will pursue cooperation and exchanges in a variety of fields, such as politics and economics, through this platform.

China has decided to allocate US$1 million to set up a five-year cooperation fund, to support development in American countries.

"We are promoting exchanges and cooperation in the political, economic, social and cultural fields between China and the American states through this platform so as to benefit our peoples and make a contribution to the peace, stability and prosperity of the Americas and the world," said Yang Jiechi, China's ambassador to the United States.

"It symbolizes I think a mutual inter-penetration and desire to cooperate between two regions that are going to be fundamental to the future of the world," said Luigi Enaudi, the OAS' acting secretary general.

China was granted OAS permanent observer status last May.

The OAS, the premier western hemisphere organization, was established in 1948.

(CRI.com February 25, 2005)