Business groups from Spain and Mexico signed an agreement Monday to boost the competitiveness of companies in both countries via increased investment and foreign trade.

The cooperation agreement was signed by the Consejo Superior de Camaras de Comercio and the Comite Empresarial Hispano-Mexicano, which are led by Manuel Teruel and Valentin Diez Morodo, respectively.

The goal is to support efforts by firms to gain greater exposure to the global marketplace.

The agreement opens the way for companies to gain more information about opportunities in both countries.

The two business associations, according to the agreement, will try to capitalize on the economic synergies between Spain and Mexico.

The agreement calls for, among other goals, exchanges of experiences, research and projects, as well as promoting the identification and implementation of public policies geared toward strengthening relations between Spain and Mexico. EFE