ULAN BATOR, Aug. 24 (Xinhua) -- Chinese State Councilor and Foreign Minister Wang Yi said here Thursday that China and Mongolia have reached consensus on expanding bilateral relations and cooperation.

Making the announcement at a joint press conference with Mongolian Foreign Minister Damdin Tsogtbaatar, Wang said China appreciates the new Mongolian government's more clear-cut and resolute policy toward China.

Wang said the purpose of his visit is to have an in-depth exchange of views with the Mongolian side and implement the important consensus reached by the leaders of both sides.

To enrich the China-Mongolia comprehensive strategic partnership, both sides should enhance political mutual trust and support, Wang said, adding that the two countries should closely work on developing the Belt and Road Initiative (BRI).

The visiting Chinese foreign minister said both sides agreed to respect each other's core interests and jointly safeguard the political foundation of China-Mongolia relations.

The Mongolian side reaffirmed their firm adherence to the one-China policy and agreed that both Tibet and Taiwan are inalienable parts of the Chinese territory, he said.

For China, it promises, as always, to respect Mongolia's independence, sovereignty and territorial integrity and the Mongolian people's independent choice of their development path in line with their national conditions, Wang said.

China and Mongolia agreed to maintain high-level exchanges. Wang said China welcomes Mongolian President Khaltmaa Battulga to pay a state visit next year. He invited Tsogtbaatar to visit China at an appropriate time next year.

In addition, both sides agreed to accelerate the integration of BRI and Mongolia's Prairie Road development initiative, and work out specific plans.

The two countries have agreed to launch a joint feasibility study on a free trade agreement (FTA) next month, and speed up building a cross-border economic cooperation zone.

Both sides also agreed to deepen pragmatic and mutually beneficial cooperation and achieve a 10-billion-U.S.-dollar target for bilateral trade by 2020.

Wang said the plan to build a waste water processing plant in Ulan Bator was progressing and joint efforts were being made to start the construction within this year. Also, the China-funded project to renovate Mongolia's shantytowns had entered the initiation phase with construction expected to start next year.

Wang said China will consider Mongolia's call for more export of animal husbandry products and mineral products to China, and continue to provide support for Mongolia in cross-border transportation and access to the sea.

In 2019, Mongolia and China will celebrate the 70th anniversary of the establishment of diplomatic relations. The two sides will carry out exchanges among youths and in culture, education, science and technology, Wang said.

Both countries agreed to strengthen China-Mongolia-Russia cooperation, accelerate the construction of the China-Mongolia-Russia economic corridor, and commit to the revitalization and development of the region.

China will continue to support Mongolia's participation in international and regional affairs and the two will jointly play a constructive role in ensuring peace and stability in Northeast Asia as well as the rest of the world.

China and Mongolia also agreed to support international justice and the overall interests of developing countries, and jointly safeguard multilateralism and a rule-based global free trade system.