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.
Russia's oil output stands at over 10 million barrels per day, the world's largest, but it needs new sources of crude oil, including hard-to-recover deposits and the Arctic, to sustain this level
The strike at Yue Yuen is not just one of China's biggest in recent years, it's also more clearly driven by workers' fears that they have been scammed by an opaque and convoluted welfare payment system.
When the system is in place citizens will be able to buy a limited amount of subsidised fuel, and will have to pay a normal, market price for any extra quantities.
Production in Upper Nile state's Paloch oilfields, where output has not been hampered by the conflict, stood at 159,000 barrels per day this week.
Dragomir Stoynev accused fellow European Union members of a politically-motivated attempt to scupper the project, and urged the bloc to understand the effect that doing so would have on its members.
The drops have come mainly because Japan did not take any cargoes in March and South Korea is not scheduled to take any shipments in April, according to the tanker data.
Japan's finance ministry and central bank have declined to comment on the payments.
But a survey shows that most people believe inflation is speeding up and could surpass 37 percent this year.
A fifth payment of $450 million was due on April 15, contingent on Iran having diluted half of its most sensitive stockpile of nuclear materials
The year-on-year inflation rate in the 18 countries sharing the euro was 0.5 percent in March against 0.7 percent in February, the European Union's statistics office Eurostat said.
Pushed by higher food and shelter costs, the consumer price index rose in March.
Country of origin labels are currently voluntary in the European Union and many of the bloc's governments want to keep it that way
While reverse flows would help cushion the effects of a Russian export cut during mild-demand summer months, analysts say they would not be sufficient in winter.
The tanker, Aegean Dignity, is due to take its load to Italy, the NOC quoted an oil official as saying in a statement on its website
TAP aims at enhancing the security of natural gas supply as well as diversification of gas supplies for the European markets.