By CGTN's Denny Alfonso

The United States remains Mexico’s biggest trading partner by far, but Donald Trump’s “America First” policy has Mexican companies looking for different options. With the renegotiation of NAFTA coming up, the Latin American nation is looking to China as that option.

Financial experts suggest that an increase in bilateral trade could benefit both economies, and provide Mexico with strategic leverage in trade talks with its northern neighbor.

Alicia Bárcena, the United Nations’ Economic Commission for Latin America and the Caribbean (ECLAC) Executive Secretary speaks to CGTN. /CGNT Photo

In an exclusive interview with CGTN America, Alicia Bárcena, the United Nations’ Economic Commission for Latin America and the Caribbean (ECLAC) Executive Secretary, said 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.”

Bárcena recently participated in the ‘Belt and Road’ forum in Beijing, where experts suggested a third route to expand the financial opportunities within the region, one that would stretch from southern China to Latin America.

Zou Chuanming, Chinese Economic and Commercial Counselor in Mexico, says both countries have a lot of space to expand cooperation, “principally with the structural reforms in the energy sector.”

Pedestrians cross the street near the Paseo de La Reforma in Mexico City, Mexico. /VCG Photo

According to the Chinese embassy, investments in Mexico totaled 52 million US dollars in 2016, a number they expect to grow in the upcoming years. Currently most Chinese imports to Mexico are “intermediate goods,” parts that go into products assembled in Mexico. Zou says there are more Chinese firms looking to diversify, possibly by investing in the construction of hydroelectric projects.

Bilateral cooperation is also taking big steps in the private sector. The IFC Asset Management Company launched its China-Mexico private equity fund in 2014, announcing it will invest 200 million US dollars in Citla Energy, a new Mexican oil company. Cesar Urrea, the fund’s director says that Mexico “recently opened up sectors that were not allowed for private investment in the past, so China is taking interest.”

The Mexican Foreign Ministry says it would like to do even more business offsetting a steep trade deficit with Beijing by exporting more “Made in Mexico” goods to China.