efe-epaXiamen (China)

The presidents of Russia and Mexico agreed Tuesday in China to boost economic ties which they said have yet to reach their true potential.

Russia's Vladimir Putin told his Mexican counterpart Enrique Peña Nieto of the need to activate the work of an intergovernmental commission to give fresh impetus to bilateral business ties, Russia's Interfax news agency reported.

The two leaders met during the summit of the BRICS countries - the major emerging economies Brazil, Russia, India, China and South Africa - in the Chinese city of Xiamen. Mexico is a guest country at the summit.

The Russian president then said that bilateral trade is worth around $2 billion and added that while trade between the two increased 7.5 percent last year, in the first half of 2017 it has grown by 38 percent.

Peña Nieto said that the current volume of bilateral trade does not match the enormous potential that exists and measures needed to be taken to develop investment.

During the meeting, Putin was accompanied by Foreign Minister Sergey Lavrov, Industry and Trade Minister Denis Manturov and Energy Minister Alexander Novak, as well as Igor Sechin, the head of Russia's largest oil company, Rosneft.

Peña Nieto was accompanied by several officials from his government, among them Secretary of Foreign Affairs, Luis Videgaray.

Mexico, Egypt, Guinea, Thailand and Tajikistan were invited to the summit by China, which currently holds the rotating presidency of the group, to take part Tuesday in the Dialogue of Emerging Market and Developing Countries, or BRICS PLUS, on the sidelines of the summit.