On Thursday, Chilean foreign minister Roberto Ampuero announced that Chile will be joining China's Belt and Road initiative as a move to deepen both economic and political cooperation with the Asian superpower.
In a statement, Ampuero said that joining the infrastructure program would make Chile more attractive to Chinese investors and establish the country as the "landing point for investments in Latin America."
The agreement is scheduled to be signed on Friday.
China is currently Chile's largest trading partner and the two countries have been working round the clock to deepen its ties. Last week, for instance, it signed a trade deal that would make it easier for Chilean products to enter customs and access the Chinese market.
China has been moving aggressively in protecting its foreign interests throughout Latin America while the US, under President Donald Trump, wishes to remain under its protectionist stance.
The Belt and Road Initiative was proposed in 2013 by Chinese President Xi Jinping and aims to expand links between Asia, Africa and Europe with the assistance of billions of dollars to improve infrastructure. It is also China's alternative to the Trans-Pacific Partnership, which the US abandoned when Trump was elected.