Chile hopes to enhance bilateral ties with Russia at the summit of the Asia-Pacific Economic Cooperation (APEC) to be held in Vladivostok over the weekend, Chile's Ambassador Juan Eduardo Eguiguren said.

"It is very important for us that APEC 2012 is for the first time taking place on the Russian territory," Eguiguren said, stressing that Russia's role in the Asia-Pacific region is vital to Chile.

The Asia-Pacific region represents the part of the world with the largest growth and it is an area with a great future, Eguiguren said, adding that his country is interested in hammering out a free trade agreement with Russia.

The ambassador highlighted the changing global economic landscape, saying that in the past "one looked at Russia through Europe, now Chile looks at Russia through Asia, starting from Vladivostok which is Russia's gateway to the Pacific."