BUCHAREST - Chinese Premier Li Keqiang said here Monday that his country has reached an agreement with Hungary and Serbia to jointly build a railway between the latter two countries.

Speaking at a joint press conference with his Hungarian and Serbian counterparts, Viktor Orban and Ivica Dacic, Li hailed the project as a landmark in cooperation between China and Central and Eastern European (CEE) countries.

The three sides, added the Chinese premier, will set up working groups immediately and advance the project with high quality as rapidly as possible for the benefit of passengers and cargo transporters.

The needs of CEE countries for modern transportation and the technological, equipment, financial and other advantages of China in the area indicate that the project will surely benefit all parties involved, Li said.