Both are so linked. Chosing a race will sometimes determine what class or type of char you want to make. Each race as its singularity and its weakness and strengths. For example If you choose a goblin, most logical choice is to go thief because of its high dexterity. If you choose human on the other hand you can try a wider variety of classes since all stats are about the same. Maybe that race is more suited for jack of all trades. Troll goes more over the warrior side that including black knight. Elf and gnome tend to be more magical in nature cause of their high intelligence. Dwarf is good for most stuff, its a popular race. Halfling has some setbacks but could be used for combos with thief or mage included. Anyway choose wisely cause that depends on how well you will develop a char in the long run.

In the longer run races will have some degree of resistance or susceptibility to various type sof damage and skills. This isn't in yet, but definitely something that will happen int he future. That too will help give more differentiation to races, and open the door for the addition of more races at creation.