Chinese President Xi Jinping delivers a speech to the Senate of Mexico. Under the theme of 'Seeking Development to Create a Better Future', President Xi emphasizes the importance of enhancing friendship and expanding cooperation.

An unprecedented opportunity to further advance bilateral relations, President Xi says he and his Mexican counterpart Enrique Pena Nieto have decided to elevate the bilateral relationship to a comprehensive strategic partnership. And to do that, the two should treat each other as equals and enhance strategic coordination.

President Xi Jinping and his Mexican counterpart Enrique Pena Nieto celebrate after they signed a joint declaration in Mexico City on Tuesday. [Yao Dawei/Xinhua]

Xi Jinping, Chinese President, said, "Our two countries should enhance communication on our development strategies, follow through on the Joint Action Program, build on our cooperation in traditional areas such as mining, agriculture and communications, and at the same time vigorously expand cooperation in energy, transportation, infrastructure, high technology and emerging sectors."

The Speech comes after the two sides signed a joint declaration early Wednesday.

Xi says China will sign contracts to buy more than 1 billion US dollars worth of Mexican products. He's also said the number of scholarship places for Mexican students to study in China will be increased to 300 over the next three years from the current 40.

Pena Nieto says the new agreements are aimed at balancing trade between the two nations. He's said Mexico hopes to become a "platform" for Chinese companies to trade with other nations in the region.

China-Mexico relations have been developing fast since the two countries became strategic partners in 2003.

China is Mexico's second largest trading partner, while Mexico is China's second biggest trading partner in Latin America. Last year, two-way trade stood at 36.7 billion US dollars.

Cooperations between China and Mexico

● China, Mexico vow to enhance political dialogue

Visiting Chinese President Xi Jinping and his Mexican counterpart, Enrique Pena Nieto, pledged Tuesday to enhance political dialogue on bilateral, regional and global issues so as to consolidate the China-Mexico comprehensive strategic partnership. Full Story>>

● China-Mexico trade sees diversified development

Forty years since China and Mexico established diplomatic relations in 1972, bilateral trade volume rocketed from 13 million US dollars to 40 billion in 2012. Economic cooperation is becoming more diversified, as large numbers of Chinese enterprises turn their investment to Mexico. Full Story>>

● Cultural exchanges between China and Mexico

President Xi Jinping's next destination on his tour in Latin America is Mexico. Like China, Mexico has a rich cultural history, and the two countries also share a love of precious jade. Ever since Mexico established diplomatic ties with China, cultural exchanges between the two countries have been an indispensable part of the relationship.