China and the Community of Latin American and Caribbean States (CELAC) will pen the details of a cooperation plan for the next five years, Chinese President Xi Jinping said on Thursday.

The plan -- together with the Beijing Declaration, and the Regulations on China-CELAC Forum -- will be the major outcome of the first China-CELAC forum ministerial meeting, Xi said in his opening remarks.

The Beijing Declaration will summarize political consensus, set the direction for the forum and define cooperation guidelines, Xi said.

The cooperation plan will define key areas and specific measures for the overall cooperation from 2015 to 2019 between China and Latin America, covering political security, trade, investment, finance, infrastructure, energy, resources, industry, agriculture, science and people-to-people exchange.

The regulations aim to set the rules of the forum, define three regular dialogues between China and CELAC and provide a system guarantee for the implementation of political consensus and plans.

"Every CELAC country, no matter if it's rich or poor, is equal under the framework of the forum," said Xi. "All sides should keep friendly consultation, hold common development and consider interests from all sides in order to [ensure a firm] political foundation for the cooperation."

Both China and the CELAC should expedite the construction of the forum and map out a collaborative blueprint to achieve a win-win situation and realize the effect of "one plus one is bigger than two," Xi said.

Under the forum, bilateral relations and multilateral relations between China and CELAC countries can conduct flexible and practical cooperation, thus, complementing each other's advantages, Xi added.

Xi welcomed more organizations and multilateral agencies from Latin America and the Caribbean region to the cooperation.

"The China-CELAC forum will contribute to the world's prosperity, as well as China-CELAC development and South-South Cooperation," Xi said.

The two-day meeting, which started at the Great Hall of the People in downtown Beijing on Thursday morning, also saw Costa Rica President Luis Guillermo Solis, Ecuador President Rafael Correa Delgado, Venezuela President Nicolas Maduro Moros, Bahamas Prime Minister Perry Christie, ministerial representatives from CELAC member countries and members of international organizations.

The 33-member CELAC was founded in December 2011 in Venezuela. It includes all South American countries and some Caribbean states plus Mexico.

(Xinhua News Agency January 8, 2015)