Mexico's Economy Ministry said the agreement with Beijing would stop "unfair Chinese practices" in shoemaking, one of the main industries in Mexico to complain that China is flooding it with cheap imports.
The two signed business deals worth $300 million and agreed on new investments worth $260 million, the ministry said. It did not provide further details.
"This new relationship looks to answer the imbalance that affects Mexico and establish a basis for more balanced and sustainable trade in the long term," the ministry said.
China is Mexico's third-biggest export market outside North America, and the two nations compete to sell manufactured goods to U.S. consumers. Chinese investment has traditionally been very modest in Mexico but it has picked up this year.
The balance of trade between the two developing economies is heavily tilted in favor of the Asian giant, which now provides Mexico with roughly 15 percent of its imports.
Less than 2 percent of Mexico's exports go to China, with nearly 80 percent of them heading to the United States. However, Mexico has been moving away from its dependence on the United States in the last few years.
"It's a fact that the most dynamic region on the planet is Asia. That's the reality," said Francisco de Rosenzweig, Mexico's undersecretary for foreign trade. "Latin American and global businesses with new investments are looking to make the most of the comparative advantages in China."
De Rosenzweig added that a planned Mexican trade mission to China was likely this summer.
Mexico's announcement coincided with the close of a trade meeting of the Group of 20 economic powers in the Mexican Pacific resort of Puerto Vallarta, where ministers agreed to support open markets and oppose protectionist measures.
The controversy over Argentina's plan to seize a controlling stake in oil company YPF from Spanish firm Repsol cast a shadow over the trade session, but Mexican Economy Minister Bruno Ferrari said it was never part of the formal agenda.
Responding to a question about whether or not Argentina, a G20 member, should be expelled from the group over its plans to nationalize YPF, Ferrari said "absolutely not."
"That subject wasn't taken up or discussed," he added.
Still, many G20 officials expressed worry that Argentina's plan could undermine investor confidence in the region.
"It's not just an effect on Argentina, but the effect could be felt more widely than that," Norman Lamb, British minister for employment relations, told Reuters.
Ursula von der Leyen held talks with her Saudi counterpart, Deputy Crown Prince Mohammed bin Salman, on boosting the "excellent bilateral relations" between the two countries, the mission added.
Most analysts predict president Mario Draghi will extend an 80-billion-euro ($86-billion) per month bond-buying scheme beyond the current March deadline at his press conference.
A record-setting wave of Chinese investment abroad has fuelled concern in Beijing over capital flight, reckless spending overseas, and the yuan's fall against the US dollar.
The deal is part of a broader privatisation drive and comes despite Moscow being mired in Western sanctions over the crisis in Ukraine that have played a major part in plunging the country into recession.
Germany’s ambassador to Ankara says German companies operating in Turkey should think about tomorrow
After months of disagreement, OPEC members last week hammered out a deal to cut oil output for the first time in eight years.
Ali Shareef al-Emadi predicted growth of 3.4 percent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 percent this year.
"Many citizens in advanced economies are facing heightened uncertainty, lamenting a loss of control and losing trust in the system," Carney said in a speech at Liverpool's John Moores University.
European stock markets are also set for a weak start, with Italy underperforming as investors brace for turbulence and political crisis in the euro zone's heavily indebted third-largest economy.
The euro tumbled on Monday after Italian Prime Minister Matteo Renzi said he would resign as he conceded defeat in a referendum over his plan to reform the constitution
Rouhani's 2017-2018 budget is based on oil prices of $50 per barrel, up from $40 last year, with a focus on unemployment, water resources, railways and the environment.
Turkish parliament has already ratified the deal on construction of ‘TurkStream’ natural gas pipeline
The September rate was revised to 9.9 percent from the 10 percent first given last month.
Many analysts had expected the producers' cartel to fail to reach a deal as major players like Iran, Iraq and Saudi Arabia remained divided ahead of the meeting.
The report, which collects views of economists, business contacts and others in the 12 Federal Reserve districts in preparation for the monetary policy meeting next month, noted improved retail sales and home construction in most regions.