With renegotiations underway on the North American Free Trade Agreement (NAFTA), Mexico is looking to China for more trade opportunities. An increase in bilateral trade could benefit both economies and provide Mexico with what it calls "strategic leverage" in trade talks with the United States.

The UN's Economic Commission for Latin America and the Caribbean (ECLAC) considers China a key partner for emerging economies like Mexico. Though the US remains Mexico's biggest trading partner by far, President Donald Trump's "America First" policy has got Mexican companies looking for options.

With his "America First" policy and border wall plans, Donald Trump may become the biggest barrier to US-Mexico trade/VCG Photo

"There is a huge opportunity for China and Latin America to establish a new relationship in different sectors such as science, technology and cultural interchange,” said Alicia Barcena, ECLAC’s executive secretary.

During the Belt and Road forum in Beijing, some participants proposed a third route - one that would stretch from Southern China to Latin America. And China also sees room to expand its business interests in Latin America.

The Belt and Road forum in Beijing has brought new opportunities for Mexico./CGTN Screenshot

Chinese investments in Mexico totaled just 52 million US dollars in 2016, according to the Chinese embassy in the country. That number is expected to grow. Currently the majority of Chinese imports to Mexico are in so-called "intermediate goods" - consisting of parts that go into products assembled locally.

Chinese companies are also looking to diversify. The IFC Asset Management Company launched its China-Mexico private equity fund in 2014. The fund announced in April that it will invest 200 million US dollars in Mexican oil company Citla Energy.

The IFC Asset Management Company launched its China-Mexico private equity fund in 2014/CGTN Screenshot

The Mexican Secretariat of Foreign Affairs said the country is looking to increase exports, and both nations have very significant economic ties. China is Mexico's second most important trading partner in the world, with bilateral trade reaching almost 75 billion US dollars in 2016.