Mexico and the Czech Republic signed an agreement here Friday on trade and economic cooperation to strengthen bilateral relations, the Mexican authorities said.

The accord was signed by Herminio Blanco, secretary of the Mexican Commerce and Industrial Development, and Czech Foreign Minister Jan Kavan.

Blanco said the agreement is as important as the free trade accord signed between Mexico and the European Union two days ago.

He said Friday's deal paved the way for signing an agreement on investment protection, the elimination of double taxation and negotiations on a free trade agreement between the two countries.

Trade between the Czech Republic and Mexico amounted to 45 million US dollars in 1998, with a surplus of one million dollars for Mexico.