Philippine President Benigno Aquino III (right) shakes hands with Mexican President Enrique Peña Nieto (Source: AP)

Mexico (VNA) - The Philippines and the United Mexican States signed three agreements on cooperation in the areas of finance, security and tourism to enhance bilateral ties on November 17.

The signing ceremony was witnessed by Mexican President Enrique Pena Nieto who was on his first official visit to the Philippines.

The President highly valued the determination of the Philippines to raise the bilateral relations to a new height for mutual benefits and praised efforts made by the host to boost the comprehensive restructuring strategy, saying that these reforms are required to address new challenges facing the world today.

For his part, Philippines President Benigno Aquino said the visit, the first by a head of state of Mexico in 50 years, was a vivid manifestation for the fruitful relationship between the two nations.

He acknowledged long strides in the bilateral economic relations, particularly in investment and trade.

He also applauded the initiative to establish the Joint Economic Committee in a bid to realise cooperation schemes in aviation, tourism and investment.

According to the Mexican Ministry of Economics, the Mexico-Philippines trade reached 400 million USD last year.-VNA