China will continue to work with members of the Common Market of the South (Mercosur) to consolidate the existing dialogue mechanism and expand cooperation between the two sides, Chinese President Hu Jintao's envoy said Friday at a summit of Mercosur.

Wang Guangtao, also Chinese minister of construction, said in a speech that Mercosur, the most dynamic and most developed regional organization in Latin America, has become one of the most important economic alliances in the world.

Notably, through a strategy of opening up to the outside world while maintaining regional integration, Mercosur has spared no efforts to add economic strength to developing countries, he said.

China highly values the relations with Mercosur, Wang said. And the ties have developed substantially in recent years through frequent exchanges of visits by seniors leaders and increasingly expanded cooperation in trade and the economic sector, he said.

Trade volume increased by 65.7 percent annually in the past two years, indicating a huge potential for further cooperation between the two sides, he said.

Wang said the expanded cooperation stands against the backdrop of China's increasingly consolidated ties with Lain America and the Caribbean countries.

China, as the third biggest trading partner of Latin America, has seen its trade volume with the region surge to 40 billion U.S. dollars in 2004.

The summit of Mercosur, being held on Friday, was attended by leaders of its members -- Argentina, Brazil, Paraguay and Uruguay. Representatives from 25 governments and international organizations, including Wang, also took part in the meeting.

Source: Xinhua