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Chinese President Xi Jinping and his Mexican counterpart Enrique Pena Nieto announced a strategic upgrade of their bilateral relationship on Tuesday.
President Pena Nieto said during a ceremony that China has become a major global economic engine and an important balancing power in international relations.
During a joint press conference, Nieto said Mexico wants “to find a greater equilibrium in our trade balance”.
Mexico has a massive trade deficit with China.
More than 15 per cent of Mexico’s imports came from China in 2012 while only 1.5 per cent of Mexican exports went to China.
The Chinese president said China would sign commercial contracts to buy an additional $1 billion worth of Mexican goods.
Mexico is the last leg of Xi’s ongoing three-nation Latin America tour, which has already taken him to Trinidad and Tobago and Costa Rica.