SANTIAGO - Chilean President Sebastian Pinera Sunday pledged to deepen relations with neighboring Argentina after his Argentine counterpart Cristina Fernandez was inaugurated for a second term.

While attending the inauguration ceremony, Pinera told his Argentine host the bilateral ties have already entered a period of strong growth, a good start for Fernandez's second consecutive term, local media reported.

Chile and Argentina are the third largest importers to each other and the two-way trade volume hit $5.76 billion in 2010.

Pinera also said he has high hopes for the second Community of Latin American and Caribbean States (CELAC) summit scheduled in Chile next year, while brushing off claims that the newly-created bloc was an alliance against the United States and Canada.