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.
Trading floors turned red at the start of the week as Donald Trump's failure to push through his healthcare reform fuelled worries about the prospects for his economy-boosting agenda.
"Consideration ... is being scheduled for April 3, 2017," Jerome Vacher, the IMF's representative in Ukraine, said in a statement.
Index sees increase of 5 percent from February, according to official data
Turkey was fifth largest import market of the bloc, and its fourth largest export destination, EU official data shows
The proposed tie-up also drew criticism from France, Belgium, Portugal and the Netherlands, fearful for the future of their own stock exchanges, owned by Euronext.
The firm is trying to spin off its prized memory chip business to raise cash, after earlier selling its medical devices unit and most of a home appliance business.
Kuwait Oil Minister Essam al-Marzouk, who heads a joint ministerial committee tasked with overseeing compliance to the cuts, said conformity to the reductions could be improved.
The London headquarters of the European Union's financial regulator, in the Canary Wharf district, has 170 staff members from 27 of the 28 European Union nations.
Market research firm GfK's forward-looking consumer confidence reading for April slipped to 9.8 points after 10.0 this month, slightly short of analysts' expectations, it said in a statement.
There is widespread belief the tycoon's health system proposals will fall foul of lawmakers with many of his Republican counterparts opposed to numerous parts of it and raising questions about the fate of promised infrastructure spending, tax cuts and deregulation.
BIST 100 index opens 0.35 pct higher; US dollar/Turkish lira rate hovers around 3.61
The United States and Japan -- the world's largest and third-largest economies, respectively -- have notably declined to join the bank.
London's benchmark FTSE 100 index dropped 0.6 percent to 7,336.30 points compared with Tuesday's close.
The 12-month inflation rate hit 2.3 percent last month compared with 1.8 percent in January, the Office for National Statistics (ONS) said in a statement.
Gains for Deutsche shares topped 7.0 percent in the early afternoon, before slipping back to trade at 16.16 euros ($17.61) -- still up 5.33 percent -- just after 1400 GMT.